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January 14, 2014

Democrats concede to curb funds for Wall Street regulators in spending bill

“Republican negotiators have reined in funding for Wall Street regulators as part of agreeing a $1.1tn federal budget, but dropped demands for further reductions in federal food stamp programmes that would have hit America’s poorest families.

“The measures are among thousands of spending items contained in the so-called omnibus appropriations bill published on Monday night in a bipartisan effort to avoid another government shutdown when current authorisation expires on Friday.

“The House of Representatives is due to vote on the measure on Wednesday. If passed, it would be the first time since 2011 that Congress has agreed a detailed budget and builds on negotiations by senator Patty Murray and congressman Paul Ryan before Christmas to set broad tax and spending parameters.

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“This decision, and similar cuts to the Commodity Futures Trading Commission, brought an angry response from Wall Street campaigners.

“’It is shameful that Wall Street’s allies in Congress have again failed to fund the very agencies that are charged with protecting Main Street and preventing another financial crisis,’ said Dennis Kelleher, president and CEO of Better Markets, an independent nonprofit organisation that promotes the public interest in the financial markets. “

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Read full The Guardian article here

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