Bloomberg News

SEC Budget Would See 12% Boost Under Republican Proposal

December 15, 2011

(Updates with SEC chairman comment in fourth paragraph.)

Dec. 15 (Bloomberg) -- The U.S. Securities and Exchange Commission would receive a 12 percent budget increase for fiscal year 2012 in a bill proposed by House Republicans.

The Republican proposal released late yesterday calls for raising SEC spending by $136 million over 2011 levels, a change from earlier proposals that would have held the agency’s budget constant despite new responsibilities under the Dodd-Frank financial-regulation law.

House and Senate leaders must finish negotiations on the $1 trillion catchall bill before current federal funding expires tomorrow. SEC Chairman Mary Schapiro has asked Congress to approve a $1.4 billion budget for 2012; this Republican proposal would put set the budget at $1.3 billion.

“The proposal we submitted was what we thought we needed to do the job,” Schapiro told reporters today at SEC offices in Washington. “That said, it’s obviously very positive to us to have an increase, and we’re really grateful for that.”

--Editors: Maura Reynolds, Lawrence Roberts

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.


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