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Tuesday, January 14, 2014

Spending Bill Includes Additional OFR Reporting Requirements

House and Senate negotiators last night unveiled a $1.1 trillion omnibus appropriations bill that would fund the government through fiscal year 2014.

The package includes additional reporting requirements intended to "increase transparency of the activities of agencies whose funding jurisdiction fall outside annual congressional review, including the Office of Financial Stability and the Office of Financial Research," according to a House Appropriations Committee summary. The OFR, created by the Dodd-Frank Act, would be required to submit quarterly reports to four committees in Congress: the House and Senate appropriations committees, House Financial Services Committee and the Senate Banking Committee.

In addition, the bill includes $1.35 billion for the SEC, which is $29 million above the fiscal year 2013 enacted level and $324 million below the budget request and the Senate bill. The bill designates $44 million of the total for the Division of Economic and Risk Analysis to improve the use of economic analysis in the Commission’s rule-making process.

The CFTC also would receive increased funding to $215 million, $10 million above the fiscal year 2013 level, but $100 million below the Administration’s budget request. CFTC officials have said that without a budget increase along the lines of what was in the president’s request the agency will have difficulty meeting all its responsibilities under the Dodd-Frank Act.

The House and Senate are expected to consider the package this week.

Read more about the bill.

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