Independent Agencies

Congressional Democrats managed to pass a few crucial measures during December’s lame duck session. One tiny fraction of the omnibus bill to fund the government was the Merger Filing Fee Modernization Act, a measure for which anti-monopoly advocates have long been pushing. And beyond the DOJ Antitrust and FTC’s edict to enforce competition, the FTC has another underfunded but crucial mission: consumer protection. 

The President should remind Wall Street that hard-working Americans hate getting ripped off.

It was a slow fall for independent agency nominations as Senators left chambers for their campaigns and the Biden administration stood paralyzed in anticipation of the midterm Red Wave That Wasn’t. 

Congress passed a $1.7 trillion omnibus bill, ensuring that our government is funded for Fiscal Year 2023. You probably haven’t seen the amount given to the most stellar agency: Space Force. Thankfully, Congress listened to the space advocates and appropriated the Space Force the money we’ve all been begging for – $26.29 billion. Americans can now sleep soundly knowing the Space Force has an overflowing pocketbook to protect us from aliens and whatnot.

In response to news that Tennessee Valley Authority (TVA) CEO Jeff Lyash issued a final decision to construct a new fossil gas plant and pipeline to replace an aging coal plant, Revolving Door Project Climate Research Director Dorothy Slater released the following statement:

We spent October highlighting the perpetual underfunding of most federal departments and agencies, and urging Congress and the Biden administration to use December’s omnibus bill to finally provide them with the money and resources they need. Sadly, while appropriations did increase for FY2023, budgets consistently fell short of what agencies requested. The most jarring example may be the Department of Housing and Development (HUD), whose budget is a whopping $16 billion shy of the requested $77.8 billion. Biden recently announced his goal to cut homelessness by 25 percent in the next two years, but it’s hard to see how even this meager goal will be achieved without a fully funded HUD.

In response to reports that the U.S. Senate confirmed six nominees to the Board of the Tennessee Valley Authority by voice vote Wednesday, Revolving Door Project Climate Research Director Dorothy Slater released the following statement:

Low income communities of color made countless sacrifices to keep the United States’s economy going during the pandemic, all while supporting their families and enduring sky-high rents.

The FTX disaster should be all the impetus needed to kill off any new crypto industry–approved legislation. Instead, we need Congress to provide material support for financial regulators in the form of increased appropriations to guard against the next collapse. Much of the crypto industry is already subject to laws—the very ones that the SEC seeks to enforce and that the crypto industry broadly (not just Sam Bankman-Fried) seeks to evade by reducing the SEC’s jurisdiction ex post facto. Both the CFTC and SEC urgently need funds to fulfill their mandates. Crypto stretches these needs even further, but the need has existed for years. For decades, financial crimes have too often gone unpunished. This wasn’t for a lack of rules, but a lack of will, funds, and people willing to enforce them. Crypto doesn’t need special treatment, it needs to face the music.

White collar crooks are behind the campaign to kill the CFPB, but don’t expect the mainstream media to tell you that.

An alternate vision for how Democrats could bring the fight to the midterms by taking action in Congress and the White House

It seems pretty incontestable that a big part of the media’s job is “informing the public of things they need to know.” Accordingly, the media’s coverage of how the government spends money is a spectacular example of how it fails. Congress has enabled a vacuum of sensible, accessible information about the appropriations bills it’s supposed to pass each year to fund government activity, and the media has not stepped in to fill the void.

Big business could soon get their chance to kill the CFPB for good, thanks in part to former Obama aide William Daley.

Personnel is policy, which means that the people who make up our federal institutions matter. Which means that the partisan Republican assault on the staffing up of the federal agencies that regulate so much of the public’s everyday life also matters greatly. Unfortunately, as we have highlighted for months and will continue to highlight for as long as it persists, the federal government is being gutted from the inside out by a blockade of overdue qualified leadership.