Chairman Jeb Hensarling

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Fact Check: Ranking Member Barney Frank Blaming House Republicans for Missed Dodd-Frank Deadlines
Posted by on July 27, 2012

Rep. Barney Frank, Ranking Member of the Financial Services Committee, on Thursday responded to criticism that regulators have completed “less than half” of the 400 new regulations in the Dodd-Frank Act by blaming House Republicans for cutting the budgets of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

“It is true that when the Republicans took over the House, they cut the funding for two of the most important agencies that got new responsibilities.”  

-- Rep. Frank, CNBC’s “Closing Bell”
July 26, 2012

Here are the facts about funding:

SEC FUNDING*

Fiscal Year                  Budget
2007                            $   881,560,000
2008                            $   906,000,000
2009                            $   970,000,000
2010                            $1,118,753,000
2011                            $1,212,859,000
2012                            $1,363,276,000

CFTC FUNDING*

Fiscal Year                  Budget
2007                            $   97,981,000
2008                            $ 111,265,650
2009                            $ 146,000,000
2010                            $ 168,800,000
2011                            $ 202,269,650
2012                            $ 205,294,000

 *Source:  Congressional Research Service

Comments
The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.
  • Mark Mendenhall commented on 2/8/2013
    Maybe for every new law (400 new regs? are you kidding me?!?) you enact you should repeal one. Gotta be some old laws we don't need. More laws, more regulators, more lawyers, more cost. Just because you are hired as a 'legislator' doesn't mean you have to spend all your time making new rules. How about fewer, more meaningful, useful rules?
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