Frank, Dems blast GOP, say cuts will impair Wall Street regulators

By Peter Schroeder – 02/15/11 12:05 PM ET

Democrats on the House Financial Services Committee hammered Republicans Tuesday for cutting the budgets of Wall Street regulators.

Rep. Barney Frank (D-Mass.) and other Democrats lodged the complaints during a committee hearing intended to explore the impact of new derivatives rules enacted by the Dodd-Frank financial reform law.

Frank and other Democrats said the proposed cuts would hurt financial watchdogs like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

“We are about to debate the budget from my Republican colleagues that will provide such inadequate funding for the SEC and the CFTC as to make all this academic,” said Frank, the ranking minority member of the panel. “Agencies that are not well-funded are not going to do a good job.”

The debate came as the House was preparing to consider a spending bill that would cut $61 billion in government spending, including cuts to both agencies.

Frank added that he planned to introduce an amendment on the House floor boosting the SEC’s budget. His amendment would free up $131 million more for the SEC by pulling funds from various other sources, including the Internal Revenue Service.

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