Subcommittee member Rosa DeLauro (D-Conn.) called the cut to CFTC funding “appalling.”
“Americans want more accountability from Wall Street and to get that we need more cops on the beat not a cut in their funding,” she said. “I simply cannot support the bill because I believe we can do better.”
Full committee ranking member Rep. Nita Lowey (D-N.Y.) also opposed the bill. She cited the Dodd-Frank issue as well as cuts to nutrition programs that she said would deny food to 214,000 women and children, and reductions in international food aid.
Full committee Chairman Hal Rogers (R-Ky.) said the overall cuts to discretionary spending in the bill were balanced given constraints of the sequester.
Rogers said Congress needs to find a way to reduce mandatory spending to take pressure off of discretionary accounts, which have been shrinking rapidly.
He noted that mandatory spending at the Agriculture Department governing food stamps and farm subsidies continues to grow even as the discretionary accounts are cut by more than $1 billion in the bill.
“The bill illustrates the problem we face,” he said.
The GOP has denied CFTC funding for Dodd-Frank for the last two years, even before sequestration went into effect.