Senate Dems Prepare For Financial Regulatory Funding Battles With House

WASHINGTON — Senate Democrats are steeling themselves against an assault from the House GOP, which currently aims to starve financial-oversight agencies and effectively kill central tenets of the regulatory legislation signed by President B…

WASHINGTON — Senate Democrats are steeling themselves against an assault from the House GOP, which currently aims to starve financial-oversight agencies and effectively kill central tenets of the regulatory legislation signed by President Barack Obama in July.

The Dodd-Frank regulatory law called for an overhaul of the U.S. Securities and Exchange Commission, which serves as the top federal cop on Wall Street and was widely viewed as underfunded and ineffective in the years leading up to the 2008 financial crash. The legislation included increased funding for the SEC intended to bolster staff, purchase up-to-date tools needed to fight financial fraud and generally prevent future embarrassments like the botched handling of Bernie Madoff’s $50-billion Ponzi scheme.

Congress, however, needs to continue providing them with the money to do that, and Republicans say they plan to try and halt funding for key elements of the regulatory law, some of them naming the SEC appropriations as a prime target.

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