{"id":4084,"date":"2011-02-14T06:58:52","date_gmt":"2011-02-14T14:58:52","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=4084"},"modified":"2011-02-14T06:58:52","modified_gmt":"2011-02-14T14:58:52","slug":"republicans-to-gut-the-sec","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/02\/14\/republicans-to-gut-the-sec\/","title":{"rendered":"Republicans to Gut the SEC"},"content":{"rendered":"

Republicans plan to roll back the SEC budget to 2008 levels.  By doing so, they will not decrease the deficit one penny, because the SEC is funded exclusively through fees charged to Wall Street.  So cutting SEC\u2019s budget saves the Republicans\u2019 bankster buddies a small amount on fees.  But despite their claims, that is not their real reason.  Their goal is to prevent the SEC from regulating Wall Street.<\/font><\/p>\n

\n

\"14Sec\"The new financial regulation law gave the Securities and Exchange Commission a big new job to police hedge funds, derivatives dealers and credit agencies \u2014 some of the main culprits in the financial meltdown<\/strong>. It authorized raising the commission\u2019s budget to $2.25 billion, over five years<\/strong>. Now Congress is threatening to deny the S.E.C. the necessary financing to carry out its duties. <\/p>\n

What makes this even more absurd is that the S.E.C. doesn\u2019t cost taxpayers a dime. Its budget, like that of other financial regulators, is covered by fees assessed on Wall Street firms<\/strong>. While the other regulators decide their own financing needs, Congress sets the S.E.C.\u2019s budget. <\/p>\n

The agency\u2019s budget was due to rise $200 million this year to $1.3 billion<\/strong>, but hasn\u2019t because of the across-the-board freeze in discretionary spending. If House Republicans get their way and roll back spending to 2008 levels, the S.E.C. budget would fall to $906 million<\/strong>. <\/p>\n

Mary Schapiro, the chairwoman of the S.E.C., warns that more budget cutting will hamstring its ability to carry out its usual duties of policing increasingly complex securities markets \u2014 let alone discharge its new responsibilities<\/strong>. A group of lawyers representing the financial companies regulated by the S.E.C. sent a letter to lawmakers urging them to increase the commission\u2019s budget. Otherwise, they warn, the markets will lose investors\u2019 trust. \u201cThe regulator of our capital markets is running almost on empty,\u201d they wrote\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <NY Times<\/a>><\/p>\n

The SEC was already a weak guardian against the criminal abuses of the banksters Republicans represent, too weak to prevent the Republican Recession.  But that\u2019s not weak enough for the Republican Party.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

Republicans plan to roll back the SEC budget to 2008 levels.  By doing so, they will not decrease the deficit one penny, because the SEC is funded exclusively through fees charged to Wall Street.  So cutting SEC\u2019s budget saves the Republicans\u2019 bankster buddies a small amount on fees.  But despite their claims, that is not […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[141],"tags":[],"class_list":["post-4084","post","type-post","status-publish","format-standard","hentry","category-plus","category-141-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/4084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=4084"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/4084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=4084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=4084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=4084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}