The House Financial Services Committee today approved more than $1 billion in additional funds annually over five years to the SEC. MarketWatch reports that such an increase would represent a doubling of the agency’s funding. In addition to raising its funding, the approved legislation would also provide the SEC with new enforcement powers and regulatory authorities, and permit the SEC to give financial rewards to whistleblowers that provide tips that lead to successful enforcement actions.
Lawmakers also reportedly
approved a measure requiring that the Government Accountability Office conduct a study to examine a “revolving door” problem at the SEC, with agency staffers quickly moving to jobs providing legal advice to Wall Street.