More problems with funding government through a Continuing Resolution
As Pat Garofalo notes, the 2010 budget didn't include new funds for the agencies that have to implement financial reform. And if the Continuing Resolution uses 2010 levels, it won't include those funds, either:
The resolution does not include funding for the implementation of the Dodd-Frank financial reform law. Under the omnibus, the Securities and Exchange Commission would have seen its budget increase to $1.3 billion from $1.1 billion, and the CFTC would have gone from $169 million to $286 million.
Already, the SEC has halted implementation of a variety of measures under the law as it waits for funding. Included in this halt are new regulations for credit rating agencies and an office for financial markets whistleblowers. The Commodity Futures and Trading Commission (which is charged with implementing the derivatives title of the bill) has said that its current funding level “is far less than what is required to properly fulfill our significantly expanded role.” “The implementation of that good and historic law is in jeopardy if the CFTC doesn’t have increased resources,” Bart Chilton, a CFTC commissioner, has said.
I've talked a lot about how the 111th Congress was incredibly productive and passed a lot of important legislation. But that doesn't much matter -- and it might even be a bad thing -- if the Republicans manage to carve up the implementation of those bills. This isn't lost on the Republicans, of course, but it's not something that seems to be figuring prominently in the minds of the Democrats.
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