The bill would include a host of policy riders, including a measure to block funds for the SEC’s climate disclosure rule, which is facing a consolidated challenge in the Eighth Circuit from business groups like the U.S. Chamber of Commerce and Republican attorneys general.
The bill would also block implementation of Biden’s executive orders on climate and the SEC’s proposed rulemaking on swing pricing, and it would prohibit the SEC from collecting information tied to a market surveillance tool known as the consolidated audit trail.
The SEC declined to comment beyond its Congressional Budget Justification report for fiscal year 2025, in which Chairman Gary Gensler requested a budget of nearly $2.6 billion.
For the Consumer Financial Protection Bureau, the bill would allot a budget of $650 million — a significant cut from the roughly $700 million that it spent last fiscal year. The bill would also bring the agency under the appropriations process, replace its director with a five-person commission, and block funds for its rulemaking capping credit card late fees and its nonbank “repeat offender” registry.
