The House of Representatives passed a bill, the Financial Services and General Government Appropriations Act 2015, that would, among other things, cut funding to the SEC, temporarily prohibit regulators from designating nonbanks as SIFI and require the CFPB and OFR to go through congressional appropriations. The bill was passed by a vote of 228 to 195.
The bill would fund the SEC at $1.4 billion, $300 million below the White House’s request. In addition, the bill would prohibit the SEC from requiring public companies to disclose political contributions and aims to limit the swaps “push out” section of the 2010 Dodd-Frank law.
The Senate is not expected to take up the measure.