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SEC Asks Congress for Large Budget Increase

In testimony this past Tuesday, SEC Chairman Mary Schapiro asked Congress for an 18.5% increase in its budget for fiscal year 2013.  This increase would bring the SEC's budget to $1.566 billion and would be deficit neutral (the SEC budget is offset by fees imposed on the industry).  The Chairman testified that the increased funding would permit the SEC to "add approximately 676 positions for both improvements to core operations and implementation of the agency's new responsibilities."  She stressed that new staff will be needed to carry out responsibilities under Dodd-Frank, especially in the derivatives area. 

It is unclear whether the SEC will receive a budget increase.  In the past, similar requests by the SEC have met resistance from House Republicans.