“Lawmaker wants SEC details before money decided” |
| Lawmaker wants SEC details before money decided Posted: 09 Feb 2011 01:17 PM PST WASHINGTON (Reuters) -A key House lawmaker said on Wednesday she wants to see a job description of every employee at the Securities and Exchange Commission and how the agency is organized before deciding how the agency should be funded. Republican Congresswoman Jo Ann Emerson chairs the House financial services appropriations subcommittee that oversees the SEC's budget. "I would like to see what the job description is of every single person who works there first, and then see how the organizational structure works," Emerson told Reuters when asked if she felt the SEC was underfunded. "If you say I need $100 million, I want to know exactly how you are going to spend that $100 million." The SEC has about 3,500 employees in Washington D.C. and its 11 regional offices, the agency says on its website. The SEC, like most other agencies, is currently being funded by a stop-gap measure that expires in March after Democrats and Republicans failed to agree on 2011 spending. The stopgap measure keeps the SEC's funding at a $1.1 billion annual amount, the same money it received in fiscal 2010 that ended September 30. Democrats last year sought to bump the budget up to $1.3 billion for 2011, partly to carry out new responsibilities under the Dodd-Frank financial reform act. House Republicans want to cut funding across the government after they swept to a majority in November's mid-term elections. And some Republicans opposed to the Dodd-Frank Act are hoping to cripple implementation of the law by starving the SEC's budget. SEC Chairman Mary Schapiro made a push in a speech last week for more money, saying the agency needs it to update outdated technology and catch swindlers. The House Appropriations Committee on Tuesday voted to approve a large package of budget cuts, although the plan omitted details about how certain agencies like the SEC would be affected. Those details are expected to be unveiled on Thursday. The Obama administration is due to release its budget proposal for fiscal 2012 next Monday. (Reporting by Sarah Lynch; Additional reporting by Andy Sullivan; Editing by Tim Dobbyn) This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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