The Securities and Exchange Commission would receive $1.7 billion under President Barack Obama’s fiscal 2015 budget plan, released Thursday, a 26% increase over the 2014 enacted level of $1.35 billion.
The extra funds would be used to add 639 additional staffers; 316 would be added to the agency’s Office of Compliance Inspections and Examinations, with 240 of those examiners devoted solely to overseeing advisors.
The 316 added staffers would boost the total number of SEC examiners to 1,283.
In 2014, the SEC asked for funds to add 325 additional examiners, of which 250 would cover the advisory industry. While the 250 examiners were requested for FY 2014, the SEC lacked the funding to add them.
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The enforcement division would get 126 new staff members, while 75 new staff members would be spread across the divisions of Corporation Finance, Investment Management and Trading and Markets.
The Division of Economic Risk and Analysis would get 14 new staff members.
Additional funds provided in the budget would also be used to boost investments in technology and enhance the agency’s tips, complaints and referrals system.
The agency would also gauge whether to add new staff members to its new Office of Investor Advocate, which currently has five employees.