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June 18, 2014 at 09:57 AM
The House Appropriations Subcommittee on Financial Services and General Government approved by voice vote Wednesday its fiscal 2015 appropriations bill, which would give the Securities and Exchange Commission $1.4 billion — $50 million more than the agency’s fiscal 2014 enacted level but $300 million less than the amount requested by President Obama.
The subcommittee said that the SEC budget boost is “targeted specifically toward critical information technology initiatives” for the agency.
The bill now goes to the full House Appropriations Committee.
In addition, the legislation requires the administration to report to Congress on the cost and regulatory burdens of the Dodd-Frank Act, and prohibits funding to require political donation information in SEC filings.
Rep. Jose Serrano, D-N.Y., ranking member on the subcommittee, said Wednesday during the subcommittee markup that the SEC’s budget will be “severely underfunded at a level of $1.4 billion.” The amount, he said, is “simply insufficient to allow the agency to properly oversee Wall Street and protect investors.”
The budget boost will not likely be enough to help the agency add more examiners to oversee advisors. SEC Chairwoman Mary Jo White told lawmakers in late April that the SEC’s 2015 budget request of $1.7 billion “would permit the SEC to increase its examination coverage of investment advisors, who everyday investors are increasingly turning to for investment assistance with retirement and family needs.”
The Financial Planning Coalition, comprised of the Financial Planning Association, the CFP Board, and the National Association of Personal Financial Advisors, said in a statement that the Coalition is “disappointed that once again Congress has refused to take a positive step to protect American investors by adequately funding the SEC investment advisor examination program.”
