Republicans Threat to Cut SEC Funding

Republicans in the U.S. Congress may withhold funds from the Securities and Exchange Commission, delaying a new standard for brokers and registered investment advisers, said Representative Barney Frank. The SEC’s potential budget shortfall “will have the effect of either delaying or slowing down at best” fiduciary rulemaking, Frank of Massachusetts, the senior Democrat on the Financial Services Committee, said in a telephone interview. – Bloomberg