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house Bill H.R. 3340

Should Congress Have More Control Over $$ Spent by Federal Financial Oversight Entities?

Argument in favor

Congress needs to ensure that federal financial research entities operate in a transparent and publicly accountable manner. It also needs to authorize the entities’ funding on a year-to-year basis, rather than letting them have immediate access to the account that funds them.

Joseph's Opinion
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04/14/2016
We cannot have a constitutional government Of the people, For the people, and By the people without accountability and as such transparency. No individual within government nor any entity within government should be without accountability to the people and as such transparency is a necessity. It is a reality with in this world that money is power, and the oversight of money is also power and as such it should be transparent to the people of this country. As such financial oversight entities should not be given free reign to do with monies as they please but rather need to be held accountable.
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04/15/2016
For too long have we been led to believe that we have taxation with representation, but for far too long it has been abused by the bureaucrats lining their pockets with the stolen fruits of our labors. There needs to be a tiresome amount of oversight that makes sure that not a single penny is wasted, fraudulently used, or abused.
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NACSP's Opinion
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04/14/2016
Although I agree that this will politicize these groups, we need to make sure we can control the money spent by bureaucracy. The American people deserve to know what their tax dollars are spent on.
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Argument opposed

The FSOC and OFR were created to operate by directly using the fees collected in the Financial Research Fund to operate and identify excessive risk in the financial system. Giving Congress control over their funding authorization would make the entities political targets year-after-year.

Evan's Opinion
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04/14/2016
The purpose of financial oversight/bureaucratic organizations is to act as a part of the executive branch of government, and to be independent from Congress. Making them beholden to such a dysfunctional body is not a good idea.
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Paul's Opinion
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04/15/2016
This is a terrible horrible idea. Congress is beholden to Wall Street. Giving Congress control over watchdogs is like giving our house keys to the burglars.
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Jacob's Opinion
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04/14/2016
These are not funded through taxes therefore congress should not have oversight. Furthermore this is an extension of the executive branch therefore separation of powers suggests that congress does not have authority in this matter.
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    We cannot have a constitutional government Of the people, For the people, and By the people without accountability and as such transparency. No individual within government nor any entity within government should be without accountability to the people and as such transparency is a necessity. It is a reality with in this world that money is power, and the oversight of money is also power and as such it should be transparent to the people of this country. As such financial oversight entities should not be given free reign to do with monies as they please but rather need to be held accountable.
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    The purpose of financial oversight/bureaucratic organizations is to act as a part of the executive branch of government, and to be independent from Congress. Making them beholden to such a dysfunctional body is not a good idea.
    Like (13)
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    For too long have we been led to believe that we have taxation with representation, but for far too long it has been abused by the bureaucrats lining their pockets with the stolen fruits of our labors. There needs to be a tiresome amount of oversight that makes sure that not a single penny is wasted, fraudulently used, or abused.
    Like (9)
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    Although I agree that this will politicize these groups, we need to make sure we can control the money spent by bureaucracy. The American people deserve to know what their tax dollars are spent on.
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    The CBO estimates that implementing this bill would reduce spending by $1.3 billion over the 2016-2025 period. [You had me at "reduce spending"! WOW! Now you're talking!] The FSOC is responsible for: * identifying internal/external excessiverisks to the U.S. financial system  * recommending regulations to rein it in.  OFR gives the council financial analysis and other support.  Under current law, the FSOC and OFR are funded by fees collected from financial institutions, deposited into the Financial Research Fund, and immediately available to be spent.  This legislation would not change the source of the funding — but would require Congress to authorize that funds from the Financial Research Fund can be spent. The OFR would be required to submit quarterly reports to Congress regarding its finances, workforce, and what it has done to achieve its goals and performance measures. It would also be required to provide a public notice and 90 day comment period before issuing a proposed report, rule, or regulation. [Sounds reasonable to me!]
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    This is a terrible horrible idea. Congress is beholden to Wall Street. Giving Congress control over watchdogs is like giving our house keys to the burglars.
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    These are not funded through taxes therefore congress should not have oversight. Furthermore this is an extension of the executive branch therefore separation of powers suggests that congress does not have authority in this matter.
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    If this will SAVE a billion dollars, YES!
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    Congress can't pass a budget, let alone do its constitutional duties. It obviously can't handle any more jobs. Maybe, less vacay??
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    Every level of government should have transparency in order to ensure the elimination of corruption - or at least holding it to a minimum. This motion ensures exactly that objective
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    Congress needs to get off its duff and re-take the leadership role in those areas that were assigned to it by The Constitution. The power of the purse strings is the most important power that Congress has and Congress needs to start using that power again, for the good of this country and its taxpayers.
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    This bill is a double-edged sword. The spending cut of 1.3 billion if this bill is implemented is a good start. However, this could become an agency that either branch (or party within said branch) of Congress uses to make "statements" by politicizing and "chest thumping" when the agency isn't responding in a fashion that is suitable to either party. Being free from Congressional oversight can be a good thing, however as a Government agency, we are all too familiar with how the Government operates when there is little or no accountability.
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    Heck yeah anytime they spend my money for somethin I wanna know when? Where? Why? How? And everything they can tell me about what the hell they were thinking when they ok'd it. Hell since I'm payin their salary along with every hard working tax paying American I think they should call us and ask for permission to take a shit.
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    Just because someone cannot or will not do their job as it should be done does not mean you change the job. It means you put people on Congress who will. End Congressional Welfare, make them work for their benefits.
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    Another way for the GOP to try to skew things in their Corporate Masters' favor. If they hold the purse strings this would be just another political tool they could use to reward the rich.
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    Should congress have more control over who is essentially their watchdog? My answer is the same when asked "Should prisoners be allowed to have a set of cell keys?" NO.
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    1. These guys watch for national financial disasters. Keep them empowered. 2. We cannot currently rely on Congressional action for essential functions.
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    Politicizing our financial regulatory agencies sets a dangerous precedent. It is critical that these agencies are free to act without concern over whether their funding will be shut down by a partisan Congress looking to put on a show for its constituents. This has nothing to do with transparency; it is about control.
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    I would be on board for more transparency, but no way should congress in any way be able to control these two organizations for political reasons! Absolutely not. We need to remove the ability for politicians to affect ANY research for purely political agendas.
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    Just eliminate them.
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