A subcommittee of the House Appropriations Committee voted to reduce the budget of the Internal Revenue Service, the Consumer Finance Protection Bureau and the Securities and Exchange Commission.
If passed by by the House and Senate, the IRS would lose $1.8 billion in funding, nearly 10% of the requested budget. The CFPB would lose as much as $300 million, or 60% of the anticipated budget under the Dodd Frank Act that created it in 2009. The SEC loses its request for a $222 million dollar budget increase, and stays flat. The proposal also prohibits the IRS from using any funds to enforce the individual mandate under healthcare reform.
The Committee Chair, Rep. Jo Ann Emerson (R-MO) called the budget proposals "difficult decisions" to bring spending under control.