Tuesday, March 6, 2012
SEC Chairman Mary L. Schapiro made her case for the SEC's FY 2013 budget today before the House Subcommittee on Financial Services and General Government Committee on Appropriations, providing additional information on how the SEC would make effective use of the $1.566 billion requested. The request is an increase of $245 million over the FY 2012 appropriation and would permit the agency to add approximately 676 positions. In her testimony, she stated:
The resources requested for FY 2013 would allow us to achieve four high-priority initiatives: (1) adequately staff mission-essential activities to protect investors; (2) prevent regulatory bottlenecks as new oversight regimes become operational and existing ones are streamlined; (3) strengthen oversight of market stability; and (4) expand the agency’s information technology systems to better fulfill our mission.
The SEC's funding is fully paid for by collections of fees on securities transactions, so that the agency's budget has no impact on government's bottom line. If Congress approves a lesser amount, the fees are reduced, so there is no excess that goes to Treasury.