PoliticalNews.me - Jun 13,2012 - Durbin Unveils 2013 Financial Services, General Government Appropriations Bill
Consumer/Financial Protection, Job Creation and Economic Development Agencies are Top Priorities
[WASHINGTON, D.C.] – US Senator Dick Durbin (D-IL), Chairman of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), unveiled the subcommittee’s appropriations package for fiscal year 2013. The bill covers $22.99 billion in discretionary spending for the nation’s consumer and financial watchdogs; the Treasury Department; the Federal Courts; District of Columbia; White House operations; and over two dozen independent agencies.
“This year’s appropriations bill continues to ensure that the nation’s consumer and investor protection agencies have the tools and resources necessary to protect Americans,” Durbin said. “The passage of the Wall Street reform bill expands responsibilities and important roles for the SEC, CFTC and this bill provides the funding to continue this much needed reform. This year’s bill also focuses on job creation and economic development by emphasizing the work of the Small Business Administration and the Community Development Financial Institutions to help small businesses grow and neighborhoods recover from the devastation of the recession. Once again our bill is both fiscally responsible and transparent and does a great deal the face of important competing demands.”
This year’s bill continues to emphasize the need to increase or maintain the resources for America’s consumer protection agencies. In particular, the bill dramatically increases funding for our nation’s leading market watchdogs: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These funds were prioritized to ensure that agencies tasked with implementing the Dodd-Frank financial reforms were prioritized.
Securities and Exchange Commission
The FY13 FSGG appropriations bill expands SEC the necessary resources to effectively protect shareholders and police a vast and increasingly complex market.
The Committee’s proposed FY13 funding level of $1.566 billion would represent an increase of $245 million (19%) over the FY12 enacted level. This funding, fully offset by collection of securities transaction fees, supports increased legal and investigative staffing for oversight and enforcement responsibilities including significant new mandates under the Wall Street reform law, as well as substantial investments in IT upgrades.
Commodity Futures Trading Commission
The CFTC’s job is to ensure that the futures markets are equipped to provide a mechanism for price discovery and a means of offsetting price risks.
The Committee’s proposed funding for the Commodity Futures Trading Commission of $308 million would represent an increase of $102.7 million (50%) over above the FY12 enacted funding level. The increase supports staffing growth and IT enhancements to meet significantly expanded responsibilities in implementing the mandates under the Dodd-Frank Wall Street reform law including regulation and oversight of trading and clearance of over-the-counter derivatives.
Internal Revenue Service
The bill provides a total of $12.519 billion, an increase of $702 million (6%) above the fiscal year 2012 enacted level and $242 million. The recommended funding aims to restore severe cuts to taxpayer services and enforcement resources experienced in the previous two fiscal years that have hampered the IRS’s ability to respond to taxpayer inquiries