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Thursday, July 10, 2014

Waters Requests Review of Financial Services Act

Rep. Maxine Waters (D-CA) wrote a letter to the Committee on Rules objecting to sections of the Financial Services an General Government Appropriations Act of 2015, opining that the bill places improper funding restrictions on financial regulatory agencies. Specifically Waters argued that the funding bill inappropriately restricts the Office of Financial Research (OFR) and the Securities and Exchange Commission (SEC). Furthermore, Waters contended that section 501 of H.R. 5016 alters the Dodd-Frank Act’s establishment that the CFPB operations are independently funded by the Federal Reserve System with the intention of making the bureau free of political influence.

Read the letter.

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