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Republicans offer to raise SEC’s budget

Mary SchapiroRepublicans in the House have offered a compromise to raise the Securities and Exchange Commission’s fiscal 2012 budget by more than 11 percent.

If the proposed legislation passes, the commission’s budget would increase by $136 million from $1.185 billion to $1.321 billion, according to BankTech.com.

The proposal is approximately $86 million less than what the SEC requested. The commission is tasked with implementing nearly 100 new rules under the Dodd-Frank Act and needs to ramp up staff to assist in the rulemaking process.

SEC Chairman Mary Schapiro said that a lack of resources could also prevent the agency from bringing enforcement cases or hurt its ability to stay on top of the compliance exams it must conduct.

The Republicans surprised Democrats and the commission with their proposal. Initially, the House majority threatened to keep the funding level flat.

"I'm encouraged that if it all passes, that we're not held flat or cut in any way," Shapiro said, according to BankTech.com. "It's obviously very positive for us to have an increase, and we're really very grateful for that."

Earlier this year, the Obama Administration requested a $1.4 billion budget for the commission.

Schapiro said on Thursday that while she is glad to see the SEC could be on track for a budget boost, she still has some concerns about not getting the amount requested.

"The budget the President submitted and we proposed was what we thought we needed to do the job," Shapiro said, according to BankTech.com. "We have a tremendous amount of work in front of us."         
 

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