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March 02, 2011 at 08:41 AM
Sen. Dick Durbin, D-Ill., chairman of the Senate Appropriations Committee’s Subcommittee on Financial Services and General Government, said Wednesday he would fight to stop the budget cuts to the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) under the House Republicans’ 2011 budget resolution, which passed on Tuesday.
“I’m going to fight to ensure House Republicans lose this fight” to cut these agencies’ budgets, “just as they lost” on trying to stop the passage of Dodd-Frank, Durbin said on a Wednesday conference call held by consumer advocate groups. “House Republicans have fought the Dodd-Frank bill every step of the way,” he said.
Under the House’s two-week budget resolution, which the Senate passed Wednesday by a vote of 91-9, the SEC would see a $231 million budget cut from what was requested under Dodd-Frank, Durbin said. The CFTC would face a $174 million budget cut, or 69%, of what was to be allotted to the agency under Dodd-Frank, he said, while the CFPB’s budget would be cut from $143 million to $80 million, a 40% drop.
