Securities and Exchange Commission Chairman Mary Schapiro will use an appearance before a congressional panel tomorrow to press lawmakers for a $245 million increase in the agency’s fiscal 2013 funding.
In testimony prepared for the House Financial Services capital markets subcommittee, Schapiro said her request for a $1.57 billion fiscal 2013 appropriation would allow the SEC to hire additional examiners. The money would also help the agency implement provisions of the 2010 financial regulatory overhaul and a recently enacted law that eases securities laws for closely held firms and newly public companies, she said.
“As we continue to implement the Dodd-Frank Act and begin our JOBS Act rule making, we will need additional resources, including new subject matter experts, to make the transition to new rule regimes as smooth as possible and to streamline existing processes for market participants while still maintaining essential protections for investors,” Schapiro said in prepared testimony.
Schapiro’s budget request will face skepticism among Republican lawmakers on the subcommittee, including Representative Scott Garrett, the panel’s chairman. The New Jersey Republican has criticized the SEC for not doing enough to determine the cost of its regulations on business and has introduced legislation that would require the agency to conduct a more thorough cost-benefit analysis of its rules.