The Senate Appropriations Committee approved Thursday a $1.674 billion budget for the Securities and Exchange Commission in fiscal 2014, fulfilling the 33% increase that was requested by the Obama Administration, and awarding the agency with $353 million above the level enacted in fiscal year 2013.
However, the Senate budget differs significantly from the GOP-controlled House proposal that would provide the SEC with $1.4 billion, only $50 million above the Commission’s 2013 budget.
SEC Chairwoman Mary Jo White has been pressing for more funding so that she can add more examiners for RIAs. She told the House 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.
Observers believe finding a compromise will be difficult, however, and is unlikely to occur before the current fiscal year ends Sept. 30.