Conference Report On H.R. 2055, Consolidated Appropriations Act, 2012
Mr. Speaker, I thank the chairman for yielding. I know he hasn't enjoyed an easy task, but he has done a tremendous job in bringing us to this point today. So thank you very much, Mr. Chairman. I also want to express my appreciation to…
Mr. Speaker, I thank the chairman for yielding. I know he hasn't enjoyed an easy task, but he has done a tremendous job in bringing us to this point today. So thank you very much, Mr. Chairman.
I also want to express my appreciation to Ranking Member Serrano and Laura Hogshead, on his staff. They have been terrific to work with. And
even when we might not have agreed on something, we still had dialogue, and they were terrific. Our own staff on the subcommittee, very ably led by John Martens, Winnie Chang, Kelly Shea, Ariana Sarar, and Karen Thomas, have done a tremendous job.
There are a lot of reasons to be happy about this bill and to vote for it, from the perspective of the Financial Services Committee. The bill reduces this portion of the President's budget request by $4.2 billion. Compared to 2010, discretionary funding in this bill is reduced by 11 percent. We are heeding the American people's call for a limited, more transparent, more responsive Federal Government.
The bill prohibits funds for certain White House czars, rescinds $25 million from a mandatory slush fund at the Securities and Exchange Commission, and dedicates much-needed resources for the counterterrorism activities at the Department of Treasury. The bill also provides funding for the Small Business Administration's business loans program. Our small businesses are critical to our economy, and this program extends accessible and affordable credit to help them grow.
As fortunate as I feel to have reached agreement with my colleagues in so many areas, I'm still startled and a bit dismayed by the White House's refusal to submit the Consumer Financial Protection Bureau, an agency whose mission is to promote accountability and transparency in the financial industry, to the usual and customary transparency measures accorded to Congress and the American people.
Provisions in the House's bill would have limited the budget of the bureau to $200 million and subjected the CFPB to annual congressional review. I'm really hard-pressed to understand why a $200 million limitation is not enough for a bureau without a director, or why the centerpiece of the Dodd-Frank Act cannot withstand meaningful, regular review by the Congress, which established it in the first place.
The checks and balances envisioned by our Founders apply to every other consumer-oriented agency in the executive branch of government. The CFPB ought to be treated no different from the Federal Trade Commission, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Food and Drug Administration, and others in this important regard. I can promise that the CFPB will be revisited again and again by Congress.
Leaving that subject though for another day, I do urge my colleagues to support the bill and the savings it contains on behalf of the American people.