Financial Services

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

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.

The Treasury Department has an important role to play in helping to address the concerns of everyday Americans in the areas of tax assistance, small business credit, mortgage relief, and the creation of economic opportunity. I look forward to discussing your important work in all of these areas today.

Unfortunately, we must compare this robust request with the funding level provided in the House-passed continuing resolution. That resolution cut IRS funding by approximately $600 million from fiscal year 2010...I think such cuts to the IRS budget are very misplaced. It makes little to no sense to impose harsh budget reductions on the very agency that raises the vast majority of revenue.

You have been given many new responsibilities under the recently passed Dodd/Frank Act. These new responsibilities are vital to protect consumers and shareholders and to ensure that past abuses are not repeated. Unfortunately, you now have to implement your many new mandates without the necessary resources.