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July 10, 2013 at 06:07 AM
The Securities and Exchange Commission is set to get $303 million less than what it was requesting under the House Appropriations Committee fiscal year 2014 Financial Services and General Government Appropriations bill, released Tuesday.
The bill, to be considered in subcommittee Wednesday, includes $1.4 billion for the SEC, which is a $50 million increase from its fiscal 2013 budget but $303 million less than President Barack Obama requested.
SEC Chairwoman Mary Jo White told the appropriations committee in early May that the agency’s $1.67 billion budget request for fiscal 2014 would help it fulfill one of its top priorities: to add 250 examiners for advisors.
The 250 examiners, White said, would increase the proportion of advisors examined each year, the rate of first-time examinations, and the examination coverage of investment advisors and newly registered private fund advisors.
