FY 2016 Funding Bill Covering SEC, CFTC and CFPB Passes Senate Appropriations Committee

The Senate Committee on Appropriations passed the FY 2016 Financial Services and General Government Appropriations Bill. The bill passed in a close 16-14 vote. The bill funds the SEC at $1.5 billion and CFTC at $250 million, the same level of funding provided to the agencies in FY 2015.

The bill includes provisions to increase oversight of the CFPB by changing the funding process for the agency. Under the bill, future funding would be through the annual congressional appropriations process rather than through the Federal Reserve.

The legislation also would transform the CFPB into an agency with a five-person commission instead of a single leader, so that it functioned in the same manner as the SEC and CFTC.

See: Senate Committee Approves FY 2016 Bill.