Treasury Secretary Lew attacks reduced funding for financial reform - "de facto Deregulation"

[Bill USA]

.. the GOP hates and fears Jack Lew. He is not afraid to go toe to toe with them. He is credited with seeing that the Volcker rule actually was put into a form that all the affected agencies could agree to it and lobbied for its passage.. This is what it takes to get stuff passed. you have to get in the 'mud the blood and the beer' and keep pressing for it.


http://www.usatoday.com/story/money/business/2013/12/05/lew-financial-reform/3879251/

Treasury Secretary Jack Lew on Thursday denounced proposals in Congress to limit funding for financial reform, saying such efforts would effectively gut the legislation.

"After failing in efforts to block or roll back reforms, some in Congress would now simply starve the regulatory agencies of funding so they lack the resources to do their job," Lew said in a speech at Pew Charitable Trusts. "Failing to fund supervision and enforcement of the new rules amounts to virtual deregulation. "

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Congress has not increased funding for regulatory agencies such as the Commodity Futures Trading Commission since financial reform was passed three years ago. Instead of passing annual budgets, lawmakers have approved continuing resolutions that maintain spending levels across the government, but have the option of boosting spending for specific purposes.

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Lew said that if Congress cannot provide "adequate funding," it should consider shifting these regulatory agencies "out of the current budget process" and ensure they're "self-funded" through industry fees, much like banking regulatory agencies.

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[4dsc]

1. Banks love fees.

SO they shouldn't have any problem with the shoe on the other foot.