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Council reviews D.C. Department of Insurance, Securities and Banking $35.2M FY2026 budget; Opportunity Accounts and SSBCI authority reduced
Summary
The Committee on Business and Economic Development heard testimony from the Department of Insurance, Securities and Banking on its FY2026 budget, in which the mayor's proposal reduces certain non-personnel expenditures and budget authority for SSBCI programs while maintaining core consumer-protection programs.
Kenya McDuffie, chair of the Committee on Business and Economic Development, presided over testimony from Kareema Woods, commissioner of the Department of Insurance, Securities and Banking (DSB), on the agency's fiscal year 2026 budget request on June 9.
Commissioner Kareema Woods said the mayor's FY2026 proposal provides DSB $35,200,000 and 154 full-time positions, a 3.1% decrease from the approved FY2025 budget and an increase of two FTEs. Woods said the FY2026 budget is funded primarily with special-purpose revenue and $138,000 in local funds. Woods described FY2025 supplemental cuts totaling about $4,000,000 and told the committee those reductions were chosen to preserve core regulatory and consumer-protection work while trimming contracts, travel, training and nonessential services.
Woods highlighted DSB programs the department says drive consumer and…
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