Wednesday, March 7, 2012
Republican Members of the House Financial Services Committee voted on March 6 to reject an amendment to fund fully the President's request for the SEC's budget. The vote was 25 Republicans against the amendment and 17 Democrats in favor of it. According to a press release by Barney Frank,
Republican Members spoke out against the amendment, claiming that recent financial scandals demonstrate that the SEC has done an inadequate job and thus doesn’t deserve the funding requested by the Obama administration.
The SEC's budget has no impact on the government's bottom-line, because it is funded by industry fees.