If budget cuts are to be made, it appears they won’t be in the area of regulation.
President Obama’s $3.7 trillion federal spending plan proposes $6.5 billion in order to implement the Dodd-Frank financial overhaul bill, according to Bloomberg. It also suggests that 5,000 new employees be hired across eight agencies, including 1,225 at the new Consumer Financial Protection Bureau that is scheduled to officially launch on July 21.
Obama’s proposal would add $4.8 billion from taxpayers, according to a initial analysis by Bloomberg Government analyst Cady North.
“The Dodd-Frank Act has become central to the spending and regulation debate in Congress… Republicans, who almost unanimously opposed the law, have said regulatory budgets are ripe for cuts,” reports Bloomberg.
Click here for more reaction to the proposed funding for Dodd-Frank.
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