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Thu Jun 9, 2016, 02:44 PM

House committee moves to cut funding for financial regulators

Source: Reuters

Business | Thu Jun 9, 2016 2:30pm EDT

House committee moves to cut funding for financial regulators

A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight.

The expansive legislation would also place a halt on the payday lending restrictions that the Consumer Financial Protection Bureau recently proposed.

The Appropriations Committee voted 30-17 to approve the bill allocating funds for financial services and general government, which now goes to the full House.

One of the committee's senior Democrats, Jose Serrano of New York, warned that the "bill in its current form will be vetoed."

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Read more: http://www.reuters.com/article/us-usa-congress-agencies-idUSKCN0YV27C

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