House Republicans rejected Monday evening Rep. Maxine Waters’ attempts to amend an appropriations bill by adding her user-fees legislation to help boost advisor exams as well as to ensure independent funding for the Consumer Financial Protection Bureau.
Then lawmakers rejected Tuesday by a vote of 184-235 Waters’ amendment that would have given the Securities and Exchange Commission the full funding of $1.7 billion requested in President Barack Obama’s fiscal 2015 budget.
The spending bill being considered “undermines the SEC,” Waters said, “by cutting nearly $300 million or nearly 20% from the requested level.”
The bill gives the SEC $1.4 billion, $50 million more than this year. The boost is targed at technology initiatives.
Waters’ bid to include her bill that would allow the SEC to collect user fees from advisors to help boost their exam frequency was ruled out of order by GOP lawmakers Monday evening.
Waters recently asked House Financial Services Committee Chairman Jeb Hensarling, R-Texas, to hold a hearing on ways to boost advisor exams. While her user fees bill has been co-sponsored by 17 of the 28 Democrats on the committee, no Republicans have signed on.
“Today, investment advisors may go more than decade before being visited by the SEC,” Waters said on the House floor. “It is absolutely essential that we improve the oversight of investment advisors – the people that manage the assets of millions of individual and institutional investors across the country. This is particularly true if we are underfunding the SEC by $300 million, as this underlying bill proposes.”
GOP lawmakers also ruled as out of order on an appropriations measure Waters’ attempts to ensure the CFPB could maintain its independent funding status.
Under the GOP funding bill, the CFPB’s independent funding would be eliminated and instead the Bureau would be funded through congressional appropriations.
Debate on the spending bill will continue Wednesday.
Check out House Appropriations OKs Smaller SEC Budget Boost Despite Complaints on ThinkAdvisor.