Friday, April 16, 2010
Here is Mary Schapiro's recent statement making the case for self-funding.
I was recently asked what I thought about self-funding for the SEC, and I confess that I am undecided on the issue. Certainly in the past the agency has gone through periods of substantial under-funding, and even when Congress ups its funding, as it did post-Enron, the budget will be cut when money gets tight and the Congressional focus shifts. However, I am somewhat concerned about decreasing the level of Congressional oversight and accountabililty that control over the purse strings provides. I'd be interested in hearing other views on this.