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Republicans Look To Starve SEC

Republicans Look To Starve SEC

As the Dodd-Frank financial services reform bill snaked its way through Congress, Republicans, and some Democrats, did all they could to take some of the most aggressive and reformative provisions out of the bill.  And they were largely successful as the final version of the bill offered only modest and incremental reforms in lieu of the sweeping oversight necessary to reign in Wall Street abuses.

But those opposing change on Wall Street are not done yet.

Congressional Republicans hope to gut regulators’ spending as of Oct. 1, the start of the government’s fiscal year.  The move comes just as Wall Street regulators are charged with additional responsibilities through Dodd-Frank, such as overseeing the $600 trillion derivatives market.

Reform advocates and regulators warn the cuts will prevent agencies like the Securities and Exchange Commission from enforcing these news rules, let alone policing and preventing future frauds.

Republicans counter that the agencies don’t deserve the funds since they failed to stop the financial crisis to begin with.

But such an argument ignores the simple reality that these agencies were already underfunded and understaffed which meant that keeping up with Wall Street schemes became harder and harder to do.

The S.E.C. has already trimmed where it can and made moves to become a more efficient operation, and there’s little fat left to trim.  Which is exactly the point of the Republicans’ move to starve the agency now.  The more difficult it is for regulators to monitor Wall Street, the easier it is for Wall Street to return to its old habits.

 

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photo courtesy of epicharmus via Flickr

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38 comments

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4:29PM PDT on May 24, 2011

I can't wait for the next election to get the Republicans and those Democrats that are only protecting the big corporations and the super wealthy out of Congress. Their blatency is making me sick!

10:45AM PDT on May 13, 2011

James D comment with Harry truman's quote is so right on!

9:50AM PDT on May 13, 2011

The next best thing to no regulation is to remove the ability to enforce any regulation.

Their hypocrisy is legendary.

9:08AM PDT on May 13, 2011

If you are going to pass laws preventing Big buisness from making easy mone then you have to alt least make it impossible to enforce the laws so that can make money.

12:33AM PDT on May 13, 2011

I'am so glad people are beginning to wake up, they have been pulling the wool over your eyes for a long time now. Once the people really realize whats been going on then only then there will be enough power for change. I urge all my colleagues to keep the pressure up and flood these sites woth your comments. People for so long have been afraid to speak-up for what is right. Well at this point most of you have very little to lose, but everything to gain. This is only the beginning of a masterful plot orchestrated by the Republican Party, and some distasteful Democrats Whom those who have left the Dem and Rep Party to call themselves the Bitter Tea Party nothing comes good out of a bitter party but bitter herbs. and they are toxic to most human being.

6:58PM PDT on May 12, 2011

We all know that Gop is out to destroy our country and their actions proves it.

12:44PM PDT on May 12, 2011

They (Republicans) are so blatantly in the pocket of big money, even those of us who are not investors can see it!

12:19PM PDT on May 12, 2011

How about reducing The GOP salaries to save the government money? We could use the methane generated from all this BS to power the US.

12:03PM PDT on May 12, 2011

"Republicans approve of the American farmer, but they are willing to help him go broke. They stand four-squar­e for the American home--but not for housing. They are strong for labor--but they are stronger for restrictin­g labor's rights. They favor minimum wage--the smaller the minimum wage the better. They endorse educationa­l opportunit­y for all--but they won't spend money for teachers or for schools. They think modern medical care and hospitals are fine--for people who can afford them. They consider electrical power a great blessing--­but only when the private power companies get their rake-off. They think American standard of living is a fine thing--so long as it doesn't spread to all the people. And they admire of Government of the United States so much that they would like to buy it."- Harry Truman

10:48AM PDT on May 12, 2011

Greedy scum!

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