The leadership of the House Appropriations Committee has axed President Obama’s request for more financial advisor examiners.
In releasing its proposed budget for the Securities and Exchange Commission, Committee Chairman Hal Rogers wants to give the agency the same money for 2016 as it received this year: $1.5 billion.
President Obama had asked for $1.722 billion, with most of the additional $222 million going for additional examiners to increase the rate of advisor exams annually above the current 10 percent rate.
Since the Constitution requires congressional budget making to start in the House, and both chambers of Congress are controlled by the Republicans, the committee's figure is likely to stick for the 2016 fiscal year, which begins October 1.
The House measure would bar the SEC from requiring companies to disclose political contributions, tax-exempt organizations and dues for trade associations.
Dennis Kelleher, president and CEO of BetterMarkets, a Dodd-Frank advocacy group, charged the budget bill favors Wall Street by capping SEC spending and puts American families at risk.
“Republicans in Congress need to stop doing Wall Street’s bidding and put the SEC cops back on the Wall Street beat,” Kelleher said.