SEC Headquarter

Update on SEC Appropriation for FY 2018


Late last week, the House Appropriations Committee approved its FY 2018 Financial Services and General Government Appropriations bill. The bill would make a $3 million reduction in funding for the Securities and Exchange Commission. NTEU strongly opposes this cut. Though modest, SEC is in great need of additional resources to fulfill its important mission of protecting the American investor. 

Also troubling is that the bill includes many of the provisions of HR 10, the “CHOICE Act,” that would place the banking regulatory agencies (FDIC, OCC, NCUA and CFPB) under the appropriations process, as well as take away much of the authority of the CFPB to the point that there would be staff reductions.

NTEU is very grateful that Representative Mark Pocan (WI) introduced an NTEU-supported amendment to strike these controversial and harmful changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Unfortunately, his amendment was not adopted.

As Congress continues consideration of FY 2018 funding for federal agencies, you can be assured that NTEU will continue working with our supporters in Congress to ensure that these agencies are provided with the resources necessary to accomplish their missions, as well as opposing harmful bill riders that threaten core agency missions and employees. The NTEU Legislation Department has already been working with pro-federal employee members of the Senate Appropriations Committee to defend our members’ interests.