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Wednesday, June 18, 2014

Appropriations Committee Releases 2015 Financial Services Bill

The House Appropriations Committee released the fiscal year 2015 Financial Services and General Government Appropriations bill, which provides annual funding for the CFPB, SEC and several other agencies.

The bill includes a $1.4 billion budget for the SEC, which is $50 million above the fiscal year 2014 enacted level. The increase in funds is targeted specifically toward critical information technology initiatives. Furthermore, the bill contains requirements for the Administration to report to Congress on the cost and regulatory burdens of the Dodd-Frank Act, and a prohibition on funding to require political donation information in SEC filings.

Regarding the CFPB, the bill includes a provision to change the funding source for the CFPB from the Federal Reserve to the congressional appropriations process, starting in fiscal year 2016. CFPB spending is not currently subject to annual congressional review. The change will increase accountability and transparency of the agency’s activities and use of tax dollars.

Read the press release.

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