House committee moves to cut funding for financial regulatorsWASHINGTON (Reuters) - A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight. The expansive legislation would also place a halt on the payday lending restrictions that the Consumer Financial Protection Bureau recently proposed. The Appropriations Committee voted 30-17 to approve the bill allocating funds for financial services and general government, which now goes to the full House. One of the committee’s senior Democrats, Jose Serrano of New York, warned that the “bill in its current form will be vetoed.”  The Senate must still pass accompanying legislation. After that, both chambers will reconcile their bills into a single piece for President Barack Obama to sign or veto. Congress has tangled over budget laws for years, and federal agencies frequently rely on temporary continuing resolutions for funding. Republicans cast the bill as a way to streamline agencies and hold them accountable for spending decisions, while saving taxpayer money. Democrats attacked what they called “riders” to the bill, such as a measure to stop the Federal Communications Commission’s net neutrality rule and one to prevent corporations from being required to disclose political donations. They also said cuts to the SEC would hobble the agency in carrying out its duties and implementing the 2010 Dodd-Frank Wall Street reform law. Earlier this month the CFPB, charged with shielding consumers from financial fraud, proposed rules to limit short-term borrowings known as “payday” loans, which can charge interest as high as 390 percent. Critics say the proposal will cut off credit to poor people who may need small loans during emergencies. Representative Steven Palazzo, a Mississippi Republican, proposed an amendment on Thursday to delay implementing the rules until the bureau reports to Congress on their possible effects, saying he was concerned they could force people to turn to loan sharks.  Democratic National Committee Chair Debbie Wasserman Schultz had been one of the few members of her party to oppose the rules, and had sponsored a bill to delay CFPB rules for two years.  Wasserman Schultz, who is also a U.S. representative from Florida, reversed her position in the last week. She told the hearing on Thursday the proposal is “inarguably a step in the right direction,” adding, “I stand with the CFPB in its efforts to protect Americans from predatory lending.”  politicsNews
house committee moves cut funding financial regulatorswashington reuters a bill slash funding securities exchange commission internal revenue service financial regulators passed key committee house representatives thursday long partisan fight the expansive legislation would also place halt panda lending restrictions consumer financial protection bureau recently proposed the appropriations committee voted approve bill allocating funds financial services general government goes full house one committee senior democrats jose servant new york warned bill current form the senate must still pass accompanying legislation after chambers reconcile bills single piece president barack obama sign veto congress tangled budget laws years federal agencies frequently rely temporary continuing resolutions funding republicans cast bill way streamline agencies hold accountable spending decisions saving taxpayer money democrats attacked called riders bill measure stop federal communications commission net neutrality rule one prevent corporations required disclose political donations they also said cuts sec would gobble agency carrying duties implementing wall street reform law earlier month cfb charged shielding consumers financial fraud proposed rules limit borrowing known panda loans charge interest high percent critics say proposal cut credit poor people may need small loans emergencies representative steven palazzo mississippi republican proposed amendment thursday delay implementing rules bureau reports congress possible effects saying concerned could force people turn loan sharks democratic national committee chair debate wasserman schultz one members party oppose rules sponsored bill delay cfb rules two years wasserman schultz also representative florida reversed position last week she told hearing thursday proposal arguably step right direction adding i stand cfb efforts protect americans predatory politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: House committee moves to cut funding for financial regulatorsWASHINGTON (Reuters) - A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight. The expansive legislation would also place a halt on the payday lending restrictions that the Consumer Financial Protection Bureau recently proposed. The Appropriations Committee voted 30-17 to approve the bill allocating funds for financial services and general government, which now goes to the full House. One of the committee’s senior Democrats, Jose Serrano of New York, warned that the “bill in its current form will be vetoed.”  The Senate must still pass accompanying legislation. After that, both chambers will reconcile their bills into a single piece for President Barack Obama to sign or veto. Congress has tangled over budget laws for years, and federal agencies frequently rely on temporary continuing resolutions for funding. Republicans cast the bill as a way to streamline agencies and hold them accountable for spending decisions, while saving taxpayer money. Democrats attacked what they called “riders” to the bill, such as a measure to stop the Federal Communications Commission’s net neutrality rule and one to prevent corporations from being required to disclose political donations. They also said cuts to the SEC would hobble the agency in carrying out its duties and implementing the 2010 Dodd-Frank Wall Street reform law. Earlier this month the CFPB, charged with shielding consumers from financial fraud, proposed rules to limit short-term borrowings known as “payday” loans, which can charge interest as high as 390 percent. Critics say the proposal will cut off credit to poor people who may need small loans during emergencies. Representative Steven Palazzo, a Mississippi Republican, proposed an amendment on Thursday to delay implementing the rules until the bureau reports to Congress on their possible effects, saying he was concerned they could force people to turn to loan sharks.  Democratic National Committee Chair Debbie Wasserman Schultz had been one of the few members of her party to oppose the rules, and had sponsored a bill to delay CFPB rules for two years.  Wasserman Schultz, who is also a U.S. representative from Florida, reversed her position in the last week. She told the hearing on Thursday the proposal is “inarguably a step in the right direction,” adding, “I stand with the CFPB in its efforts to protect Americans from predatory lending.”  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: house committee moves cut funding financial regulatorswashington reuters a bill slash funding securities exchange commission internal revenue service financial regulators passed key committee house representatives thursday long partisan fight the expansive legislation would also place halt panda lending restrictions consumer financial protection bureau recently proposed the appropriations committee voted approve bill allocating funds financial services general government goes full house one committee senior democrats jose servant new york warned bill current form the senate must still pass accompanying legislation after chambers reconcile bills single piece president barack obama sign veto congress tangled budget laws years federal agencies frequently rely temporary continuing resolutions funding republicans cast bill way streamline agencies hold accountable spending decisions saving taxpayer money democrats attacked called riders bill measure stop federal communications commission net neutrality rule one prevent corporations required disclose political donations they also said cuts sec would gobble agency carrying duties implementing wall street reform law earlier month cfb charged shielding consumers financial fraud proposed rules limit borrowing known panda loans charge interest high percent critics say proposal cut credit poor people may need small loans emergencies representative steven palazzo mississippi republican proposed amendment thursday delay implementing rules bureau reports congress possible effects saying concerned could force people turn loan sharks democratic national committee chair debate wasserman schultz one members party oppose rules sponsored bill delay cfb rules two years wasserman schultz also representative florida reversed position last week she told hearing thursday proposal arguably step right direction adding i stand cfb efforts protect americans predatory politicsnews