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May 8, 2013

White Makes Case for Bigger S.E.C. Budget

Mary Jo White cleared a rite of passage on Tuesday: she asked Congress for more money.

Like most Securities and Exchange Commission chiefs before her, Ms. White testified before a Senate Appropriations subcommittee to outline her agency’s need for a bigger budget. In the testimony, she called for new resources to complete an overhaul of financial regulation and to keep a closer eye on Wall Street fraud.

Under President Obama’s budget plan, the S.E.C. is seeking $1.67 billion for the 2014 fiscal year, a roughly 26 percent uptick from the current level.

“’The S.E.C.’s current level of resources still presents significant challenges as we seek to keep pace with the growing size and complexity of the securities markets and fulfill our broad mandates and responsibilities,’ Ms. White said in written testimony to the Senate subcommittee.”

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Read full New York Times article here

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