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January 14, 2014

SEC to Receive 2% Budget Increase in FY 2014, Far Below 26% Requested Increase

“On Monday night, the House and Senate revealed details of the $1.1 trillion spending bill they expect to pass later this week. The bill seems to be both good news and bad news for the SEC–with more bad than good.

“First, the (moderately) good news: in connection with this bill, the House plans to avoid another government shutdown by passing a three-day extension of the current Continuing Resolution that is set to expire Wednesday. Congress reportedly intends to send the $1.1 spending bill to President Barack Obama before the three-day extension runs out on Saturday, Jan. 18.

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“Dennis Kelleher, president of Better Markets, told Reuters that the slight budget increase combined with the SEC’s rapidly escalating responsibilities set the agency up to fail. “It is shameful that Wall Street’s allies in Congress have again failed to fund the very agencies that are charged with protecting Main Street and preventing another financial crisis,” he said.”

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Read full Compliance Week article here

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