The House Appropriations Committee released a fiscal 2017 financial services funding bill today that they said would trim the Securities and Exchange Commission's budget by $50 million and intervene in numerous policy areas, including an update of the bankruptcy code for big banks. The bill would allocate $1.5 billion to the SEC.
Judiciary– Included in the bill is $7.0 billion for the federal courts – an increase of $177 million above the fiscal year 2016 enacted level. This includes operational funding for federal court activities, to improve public safety through the supervision of offenders and defendants, to bolster the security of courtrooms and facilities, and to improve the speed and efficiency of processing federal cases.
The bill includes legislation, the Financial Institution Bankruptcy Act, previously passed by the House that would overhaul the bankruptcy code for failing financial institutions to facilitate the orderly and efficient resolution of failing financial institutions.