Washington Outlook: Capital Wrapup
Securities & Exchange Commission Chairman Arthur Levitt Jr. faces an uphill battle to put his agency on a businesslike basis. Levitt says his top priority is to win the right for the SEC to set its own fees and to fund its operations out of the revenues it collects, rather than relying entirely on annual appropriations from Congress. The Food & Drug Administration has won limited self-funding powers. But Levitt's plan may be blocked by the Senate Budget Committee, where both Chairman Jim Sasser (D-Tenn.) and leading Republican Phil Gramm (Tex.) are opposed.