A Slash Before the Next Crash: House Committee Moves to Cut Funding for Financial Regulators

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A Slash Before the Next Crash: House Committee Moves to Cut Funding for Financial Regulators

A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight.

The expansive legislation would also place a halt on the payday lending restrictions that the Consumer Financial Protection Bureau recently proposed.

The Appropriations Committee voted 30-17 to approve the bill allocating funds for financial services and general government, which now goes to the full House.

One of the committee’s senior Democrats, Jose Serrano of New York, warned that the “bill in its current form will be vetoed.”

The Senate must still pass accompanying legislation. After that, both chambers will reconcile their bills into a single piece for President Barack Obama to sign or veto. Congress has tangled over budget laws for years, and federal agencies frequently rely on temporary continuing resolutions for funding.

Republicans cast the bill as a way to streamline agencies and hold them accountable for spending decisions, while saving taxpayer money.

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