In her March 11, 2009 testimony before the House Subcommittee on Financial Services and General Government, SEC Chairman Mary Schapiro stated that she had
submitted a reprogramming request to the subcommittee to use $17 million in the SEC’s unspent prior year funds in fiscal year 2009. These are monies appropriated to the agency and obligated in past years, so this is not a request for the subcommittee to find new funds for the agency. Rather, the use of these prior year funds in 2009 would make a very big difference in allowing our important work of rebuilding investor confidence in the markets to continue unimpeded.
Yesterday, that subcommittee approved Schapiro’s request. Dow Jones reports that Rep. Jose Serrano, D-N.Y., the chairman of the House Appropriations Subcommittee on Financial Services, announced the approval Wednesday. He issued a statement noting that the
SEC has too much important work to worry about cutbacks in personnel or technology. When Chairman Schapiro asked for the approval to draw on funds that would have otherwise gone unused, I saw this as a valuable opportunity to continue cleaning up the financial-services sector. With these additional resources, I expect that the SEC will step up examination and enforcement activities. I look forward to working with Chairman Schapiro to ensure that the FY2010 funding is adequate to the needs of this vital agency.
