Durbin Unveils 2011 Financial Services, General Government Appropriations Bill
[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL), Chairman of the Senate Appropriations Subcommittee on Financial Services and General Government, today unveiled the subcommittee’s appropriations package for fiscal year 2011. The bill covers $48.3 billion in overall spending for over two dozen agencies within the Executive Branch; the Federal Courts; District of Columbia; and independent agencies including the nation's financial services regulators.
“For the fourth straight year, our appropriations bill ensures that the nation’s consumer and investor protection agencies have the tools and resources necessary to protect Americans,” Durbin said. “The passage of the Wall Street reform bill expands responsibilities and important roles for the SEC, CFTC and the FTC. This bill ensures they are the funding to execute this much needed reform. Once again our bill is both fiscally responsible and transparent and I’m proud to stand by our work.”
This year’s bill continues to emphasize the need to increase the resources for America’s consumer protection agencies. In particular, the bill dramatically increases funding for our nation’s leading market watchdogs: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) as well as for the Federal Trade Commission (FTC).
The Securities and Exchange Commission:
The FY11 Financial Services and General Government appropriations bill gives SEC the necessary resources to effectively fulfill its singular obligation: protecting shareholders.
The Committee’s proposed FY11 funding level of $1.3 billion would represent an increase of $205 million (18%) over the FY10 enacted level and $41.5 million (3%) over the FY11 budget request of $1.258 billion. The additional resources would support increased legal and investigative staffing for oversight and enforcement responsibilities including new mandates under the Wall Street reform bill, as well as substantial investments in IT upgrades.
The Commodity Futures Trading Commission:
The CFTC’s job is to ensure that the futures markets are equipped to provide a mechanism for price discovery and a means of offsetting price risks. The Committee’s proposed funding for the Commodity Futures Trading Commission of $286 million would represent an increase of $117.2 million (69%) over above the FY10 enacted funding level and $25 million (9.5%) above the FY11 budget request of $261 million.
This additional investment in the CFTC would support staffing increases and IT enhancements for implementation of the new Wall Street reform bill. This includes new regulation and oversight of trading and clearance of over-the-counter derivatives.
Federal Trade Commission:
The FTC is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy.
The bill recommends $314M, equal to the President’s request and $22.3M (7.6%) over the FY10 level. Total FTEs will increase by 40 FTE (3.5%) to enhance FTC’s work related to financial practices, fraud targeting vulnerable Americans, privacy and data security, complex merger transactions, and enforcement against anticompetitive mergers and practices.
Consumer Product Safety Commission:
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from thousands of types of consumer products under the agency's jurisdiction. The CPSC's work to ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters, and household chemicals - contributed significantly to the 30 percent decline in the rate of deaths and injuries associated with consumer products over the past 30 years.
The bill allocates $118.6 million to the CPSC, an increase of $.4 million over last year’s enacted level. The additional funding is to be used to carry out the requirements of the Consumer Product Safety Improvement Act.
“I want to thank Senator Collins for her help in crafting this bill,” Durbin said. “She has worked tirelessly to produce a truly responsible package. I look forward to continuing our work together.”
The appropriations bill includes funding for the following Departments and agencies:
Department of Treasury:
$13.95 billion, an increase of $487 million (3.6%) over the FY10 enacted level but $18.1 million (.13%) below the President’s budget request.
- Internal Revenue Service (IRS): The bill designates $12.51 billion for the IRS, $178.8 million (3.2%) over the FY10 enacted level but $114.5 million (1.9%) below budget request. The bill funds critical increases for taxpayer services and systems modernization.
- Community Development Financial Institutions (CDFI) Fund: The bill provides $302 million; an increase of $135 million over the last year’s enacted level. CDFI grants support financial services to underserved communities, including lending and investment in affordable housing, small business, and community development.
Executive Office of the President:
$794.81 million, an increase of $22.9 million (3%) over the FY10 enacted level.
- Office of National Drug Control Policy: The bill proposes $443.8 million in funding for the office responsible for the policies, priorities, and objectives of the Nation's drug control programs. This is a 3.7% increase over FY10’s enacted level.
$7.2 billion, an increase of $379 million (5.5%) over the FY10 level and $89 million below this year’s budget request.
The District of Columbia:
$739 million in Federal payments, a $13 million (1.8%) decrease from the FY10 enacted level. The bill also approves the District’s local budget of $10.4 billion.
The subcommittee’s follows the spending guidance of $25.4 billion in discretionary budget authority in addition to $22.8 billion in mandatory spending. This is a $905.2 million increase (3.6%) in discretionary funding over last year’s level.
Durbin became the Chairman of the Financial Services and General Government Subcommittee at the beginning of the 110th Congress. Senator Susan Collins is the subcommittee’s Ranking Member.
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