Appropriators approve bill curbing Dodd-Frank reforms

{mosads}The Securities and Exchange Commission (SEC), which is currently working to write a huge number of rules to implement Dodd-Frank, would see its budget hold steady in 2012 at $1.2 billion. Republicans had previously pushed to cut the agency’s budget, but the new bill still comes up short of the president’s request, which called for a $222 million hike.

The Treasury Department would receive $12.2 billion in the bill, $929 million below last year’s level. The IRS would see its budget cut by $606 million, to $11.5 billion, under the measure.

The Consumer Product Safety Commission would have its funding cut by $3.5 million to $111 million. The bill also includes language prohibiting funding for the new public database established by the office, which would allow consumers to report problems with products. Its existence had been hotly contested by business groups, who contend there is no guarantee the complaints posted would be accurate.

The Federal Communications Commission would suffer a funding cut of $17 million, as its budget would fall to $319 million. The measure also prohibits funding for “net neutrality.”

The District of Columbia would see its federal funding shrink by $62 million, to $637 million, under the bill.

The bill also includes several legislative provisions, including one that would specifically prohibit funding for “czars” tied to healthcare, climate change, the auto industry, urban affairs or any “substantively similar” positions. It also would prohibit funds for a requirement that entities applying for federal contacts be required to disclose campaign contributions.

The bill can expect a tougher time in full committee. Democrats have blasted the cuts to the IRS, which they estimate will cause 4,100 workers to be furloughed, thereby increasing tax evasion.

Full committee ranking member Rep. Norm Dicks (D-Wash.) said his party is very concerned about the federal job losses that would be caused by the bill.