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May 8, 2013

New SEC chief pushes dramatic budget increase to grow agency

Security and Exchange Commission (SEC) Chairman Mary Jo White told lawmakers Tuesday that she would hire hundreds of new staffers and bolster economic analysis of forthcoming regulations if the agency’s proposed budget increase is approved. 

The SEC is requesting $1.674 billion for the 2014 fiscal year, a roughly 27-percent increase from current levels. While the entire amount would be offset by transaction fees collected from regulated entities, White acknowledged that the request comes at a time when the government faces serious economic challenges. 

Still, the SEC has seen its responsibilities increase with the enactment the sweeping Dodd-Frank financial reform bill, and White said a corresponding budget increase is required to carry out a set of duties she described as ‘vast, difficult and complex.’ 

“’The agency’s funding request is critical to support the additional staff, technology and training needed to fulfill our mission,’ White told members of a House Appropriations subcommittee.”


Read full The Hill blog post here

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