Financial Services

Punitive and draconian cuts combined with and extraneous riders have resulted in an unacceptable bill. If this bill makes it to the floor, the American people will see what would happen to our financial regulators, tax enforcers, and, sadly, the rights of women in America, if the House Majority has their way.

This bill will harm not just government agencies, private contractors, and federal employees - it will harm the American people.

I am also extremely concerned about the level of funding at the Securities and Exchange Commission. Although the SEC receives a $50 million increase from last year, this increase is essentially offset by restrictions placed on the SEC Reserve Fund. Moreover, this level of funding is nearly 200 million dollars below the Administration's request. America's investors need a strong cop on the beat to ensure that past abuses are not repeated, and to ensure that the SEC's new powers under Dodd-Frank are vigorously enforced. The funding level in this bill is inadequate given these needs.

I was extremely disappointed with the final fiscal year 2012 funding level for the IRS. The funding cuts for the IRS in fiscal year 2012 resulted in a significant drop in IRS enforcement personnel. Because of the cuts, you now have 5,000 fewer employees. As a result, I have no doubt that there is likely to be billions of dollars in lost revenue, and I look forward to discussing this with you further.

As improvements in technology give more people access they also mean that resources move online, and therefore internet access has become vital to being able to get a good education, find a job, or simply to connect with family around the world. Therefore, I am interested in the steps you are taking to broaden access and make sure that everyone who wants access can get it.

I think all of us here agree with the vitally important mission that the SEC plays in protecting consumers and investors. The financial crisis highlighted the need to have a robust 'cop on the beat' to make sure the American people are protected. Dodd-Frank gave the Commission important new responsibilities in this regard, and implementing and enforcing the numerous changes of the law is a vital part of making sure the SEC can better address abuses of the securities markets and protect investors.

During this hearing, I am particularly interested in learning more about how you prioritize your many areas of responsibility since your portfolio covers such a broad spectrum of issues ranging from get-rich-quick schemes to consumer privacy, among many others. The budget request for the coming fiscal year is $300 million, which is a decrease from the current year, so I look forward to hearing about whether this amount is adequate to cover your diverse needs.

At these funding levels, there will be significant harm to America's consumers, investors, taxpayers, workers, businesses, judiciary, the security of our elections, and even our deficit, and I will be unable to vote for the bill