Contact: Kay Gibbs    
202-225-7054

STATEMENT OF CONGRESSMAN BARNEY FRANK,  Ranking Democrat, House Financial Services Committee, regarding President Bush's statement on SEC funding

"I am pleased that we have finally gotten the President's attention on the critical issue of adequate funding for the SEC to carry out its significant new duties under the corporate accountability law.

Unfortunately, he still hasn't gotten it right. The proposal he announced today promises sufficient SEC funding for the next fiscal year - which is nearly nine months from today.

Democrats in the House of Representatives have tried repeatedly to provide that necessary funding immediately in the Continuing Resolutions that are funding the government this fiscal year.

I urge the President to drop his insistence on further delay and join us in pushing for the appropriate funding level in the next few weeks when we adopt the Appropriations for the rest of this current fiscal year."

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