Sen. Majority Leader Reid to Introduce Stop-Gap Budget Bill This Week

Reid will then bring bill to Senate floor for a vote the week of Feb. 28

More On Legal & Compliance

from The Advisor's Professional Library
  • Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law.  The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
  • U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Adviser’s Act.  It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.

In response to the House budget continuing resolution (CR), H.R. 1, that passed on Saturday, Feb. 19, Senate Majority Leader Harry Reid, D-Nev., said Tuesday that to avoid a government shutdown on March 4, he planned to introduce a stop-gap CR this week that he can bring to the Senate floor for a vote the week of Feb. 28.

Reid also said Tuesday that he’s asked his chief of staff, David Krone, to begin negotiations with House Speaker John Boehner’s, R-Ohio, chief of staff, Barry Jackson, to shape a “long-term” CR.

The House CR, which includes $61 billion in budget cuts, will run into opposition from the Democratic majority in the Senate. The House CR includes a $41 million budget cut for the Securities and Exchange Commission (SEC). The $41 million cut for the SEC is based on the fact that the continuing resolution for the current fiscal year (2010) gave the SEC the authority to spend $1.1 billion. The House Republican resolution for the rest of 2011 would cut $41 million from the earlier appropriation to $1.069 billion.

In a release announcing his plans, Reid said that “to avoid a shutdown and give [Republicans and Democrats] time to negotiate a responsible path forward,” he has asked the chairman of the Senate Appropriations Committee, Sen. Dan Inouye, D-Hawaii, to prepare a “clean” CR that he can bring to the floor the week of March 1. “Since this bill is intended to fund vital services like Social Security, our military and border security, it should have no legislation or riders tied to it,” Reid said.

The CR legislation that Reid plans to introduce this week, while Congress is in recess, will include the $41 billion in budget cuts “that Democrats and Republicans agreed to in December, and will keep the government running for 30 days while both sides can negotiate a common-sense, long-term solution.”

Reprints Discuss this story
This is where the comments go.