Update on House Budget Resolution for Financial Agencies


Yesterday, the union reported about the attacks on federal employee retirement. The budget is accompanied by a report that also contains additional policy options regarding proposed reductions in spending, including changes and cuts for the federal workforce, as well as for employees at FIRREA agencies. Referred to as “illustrative policy options,” these proposals merely serve as recommended changes, and do not on their own amend law.  

These recommended policy options to the House Financial Services Committee include putting all employees at FIRREA agencies under the GS pay system. This would mean a huge cut in pay and benefits at all FIRREA agencies, including the SEC. The policy options also include putting the banking agencies under the appropriations process, eliminating supervisory authority at CFPB, and putting all CFPB employees under FERS.

NTEU has successfully fought provisions like these before, and we will continue to fight them. We have already been successful in keeping these provisions out of the Budget Resolution that was adopted yesterday by the Senate Budget Committee. NTEU will continue to be a strong voice for FIRREA agency employees and work to ensure that these proposals do not advance in the legislative process.