Senators Charles Schumer (N.Y.) and Richard Shelby (Ala.) are reportedly adding an amendment on the Fraud Enforcement and Recovery Act that would add $20 million to the budget of the Securities and Exchange Commission.
Glenn Thrush of Politico reports that the bill is expected to be taken up by the Senate this week. According to a summary provided by Schumer’s office, the additional funding would allow “the agency to hire 60 new enforcement officers, as well as perform critically needed upgrades of its information technology systems.” Politico further reports that Schumer and Shelby are scheduled to appear at an 11 am press conference today with SEC Chairwoman Mary Schapiro to announce the bill.
