While there “may be ways” that the SEC can reallocate its existing resources to accommodate a higher advisor exam rate, the SEC “cannot solve this [exam deficiency] problem without additional resources from Congress,” argued Barbara Roper, director of Investor Protection at the Consumer Federation of America.
Since the early 1980s, Roper said, SEC funding “has not begun to keep pace with the growth” in the SEC’s responsibilities.
Indeed, SEC Chairwoman Mary Jo White said in November at the Securities Industry and Financial Markets Association’s annual conference that the agency’s budget is “always a challenge,” and that she would “continue to focus” on getting Congress to boost the SEC’s funding in the new Congress.