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SEC Dodges Spending Freeze, Budget May Rise 12%

Bruce Carton | February 3, 2010

The White House released its proposed budget for FY 2011 on Monday, and the SEC learned that it had dodged the "spending freeze" threatened in President Obama's State of the Union address.

To the contrary, the president's budget requests $1.258 billion for the SEC, which represents a 12 percent increase over its FY 2010 budget. SEC Chairman Mary Schapiro stated that if enacted, "the President's request will do a great deal to help us keep pace with the continuing growth of the markets and provide necessary resources to support important regulatory initiatives in 2011."

The proposed budget is in line with Schapiro's request last year for a significant increase in FY 2011, and is approximately $139 million over the SEC's FY 2010 funding level of $1.119 billion. Many other departments or agencies, including the Department of Justice, were not as fortunate, and were hit by the freeze. They include:

or other unit
2011 Budget (Billions)
% Change
from 2010
Health and Human Services $83.5 -0.7%
Transportation $77.6 2.1%
Education $49.7 6.2%
Housing and Urban Development $41.6 -4.6%
Justice $24.1 -12.4%
Agriculture $23.9 -4.4%
Other Agencies $20.2 4.1%
NASA $19 1.6%
Energy $17.1 3.6%
Labor $14 -2.1%
Treasury $13.9 2.2%
Interior $12 -0.8%
Social Security Administration $10.1 8.6%
Environmental Protection Agency $10 -2.9%
Commerce $8.9 -36.0%
National Science Foundation $7.4 7.2%
Corps of Engineers $4.9 -9.3%
Corporation for National and Community Service $1.4 16.7%
Small Business Administration $1 25.0%
General Services Administration $0.7 16.7%
State and Other International Programs