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Congress Grills SEC on Budget Request

Joe Mont | March 24, 2015

If Securities and Exchange Commission Chairman Mary Jo White harbored any delusion that asking Congress for a bigger budget would be easy, those hopes were quickly dashed during a hearing before the House of Representatives’ Committee on Financial Services on Tuesday.

Within minutes of convening the hearing—an examination of the SEC’s agenda, operations, and Fiscal Year 2016 budget request—Rep. Jeb Hensarling (R-Texas), chairman of the committee, was pointing to the constantly updating national debt tally that hangs in the chamber and positioning the request against the backdrop of hard-working Texans struggling to make ends meet. He added some statistics to bolster his political viewpoint: the SEC’s budget has increased 400 percent over the past 20 years, growing at three times the rate of the nation’s defense budget.

The SEC’s current budget is $1.5 billion and White is...

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