House Republicans opposed to President Barack Obama's Wall Street reform law have tried to slow down the implementation process and defund parts of the law. And that hasn't made the Treasury Department very happy.
In a blog post today, Treasury Department spokeswoman Suzanne Elio called cuts by House Republicans "penny wise and pound foolish." Specifically, Treasury is opposed to legislation proposed by the HouseAppropriations Committee to cut proposed budgets for the Securities and Exchange Commissionand the Commodity Futures
From their blog:
To put these cuts in perspective, the $323 million in proposed cuts reflects less than 0.002% of the $19 trillion in household wealth lost between the middle of 2007 and the beginning of 2009. In an effort to safeguard against another financial crisis, any cuts to these agencies' budgets would be shortsighted and undermine the enforcement of Wall Street reform.Republicans opposed to Dodd-Frank say the law is a job killer.