FY 2012 Financial Services and General Government appropriations bill approved

The House Appropriations Committee approved the fiscal year 2012 Financial Services and General Government appropriations bill on Thursday, capping the Consumer Financial Protection Bureau budget at $200 million.

The bureau, which recently created by the Dodd-Frank consumer protection and Wall Street reform law, had requested $329 million for the fiscal year.

An amendment to the Republican spending measure, offered by Rep. Rosa DeLauro (D-Conn.), would have boosted the funding to the requested level but was defeated on a 20-28 party-line vote.

In an interview with the Huffington Post last March, Elizabeth Warren, charged with setting up the CFPB, said she wanted Congress to pass a strong funding bill for the agency.

“My first choice is a strong consumer agency,” Warren said, according to the Huffington Post. “My second choice is no agency at all and plenty of blood and teeth left on the floor.”

According to the American Bankers Association, the package freezes the Securities and Exchange Commission’s budget at $1.2 billion and prohibits the SEC from creating and funding a reserve fund, a mandate in the Dodd-Frank Act.

President Obama had requested a $222 million increase for the SEC in his 2012 budget.

The package also limits funding of the Office of Financial Research, the ABA reported.

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