Fact Check: Ranking Member Barney Frank Blaming House Republicans for Missed Dodd-Frank Deadlines
Washington,
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
