Republican draws line on funding boost for 'failed' regulators

[The Northerner]

A Republican who will play a leading role in the oversight of the Wall Street reform law said federal regulators should not be “rewarded” with budget increases for past mistakes.

Rep. Scott Garrett (R-N.J.) told The Hill in an exclusive interview that it is “troubling” that financial regulators want to be given more funds and staff after failing to prevent the worst financial crisis since the Great Depression.

“It’s only in government, especially in Washington, where you have agencies that failed in their core assignments in the past, and yet they are rewarded with more authority and bigger budgets,” Garrett said during an interview Thursday.

As chairman of the House Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises, Garrett is poised to play a key role in the 112th Congress as an emboldened GOP looks to exert its influence on financial reform and the restructuring of Fannie Mae and Freddie Mac.

Read more: http://thehill.com/business-a-lobbying/140153-oversight-rep-draws-line-on-funds-for-failed-regulators

[drm604]

1. They want the resources needed to actually do the job right. n/t