WASHINGTON (Reuters) - The head of a congressional panel that oversees U.S. financial regulation said on Tuesday that budget restraint is just one way Republicans are trying to “throttle” some of the Dodd-Frank banking reforms.
U.S. Representative Scott Garrett, the Republican chairman of the House capital markets subcommittee, said he knows Democrats accuse Republicans of trying to throttle Dodd-Frank by restraining the budgets of agencies that must implement it.
“That’s probably true too. We’re trying to throttle it in ways other than this,” Garrett said in an interview.
Earlier on Tuesday, he called for spending restraint at the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission — key financial regulators.
Both agencies have been slated to get big budget increases to pay for scores of new regulations they must write and enforce under Dodd-Frank.
“Every agency of government is being asked to make some hard decisions with regard to budgets,” he said.
Reporting by Kevin Drawbaugh