Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, February 14, 2011

SEC's Schapiro on Budget Request for SEC

The following is a statement from SEC Chairman Mary L. Schapiro regarding the President’s FY 2012 budget request of more than $1.4 billion for the SEC.

“These funds will provide the SEC with the resources needed to carry out both our longstanding core mission as well as our new responsibilities for derivatives, hedge fund advisers and credit rating agencies. By law, the 2012 funding is entirely offset by transaction fees such that the SEC budget will not add to the deficit.”

The SEC's FY 2012 Congressional Justification In Brief is posted on its website and states:

The SEC is requesting $1.407 billion for FY 2012. This represents an increase of $264 million over the agency’s current FY 2011 spending authority, and will support 4,827 positions (4,460 FTE), an increase of 780 positions (612 FTE) over projected FY 2011 levels. The FY 2012 request is designed to provide the SEC with the resources required to achieve multiple, high-priority goals: adequately staff the agency to fulfill its core mission of protecting investors, maintaining orderly and efficient markets, and facilitating capital formation; continue to implement the Dodd-Frank Act; and expand the agency’s information technology (IT) systems and management infrastructure to serve the needs of a more modern and complex organization

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