It all sounded so good when Congress rejected self-funding for the SEC at the 11th hour of the Dodd-Frank negotiations, but promised to take care of the SEC’s budget situation in other ways, including large increases over the next five years and a new “reserve fund” of up to $100 million the SEC could tap into for emergencies. However, as foreshadowed here back in October, an agency without self-funding really does not have much of anything other than old promises and whatever the current version of Congress chooses to give it.
