The trick is, rather than getting mired in the weeds, one should review four top-line numbers provided by the reports. To wit, the executive summary of the 2020 budget appropriations document says the agency expects to oversee $97 trillion in securities trading, a 29-percent jump from the $75 trillion it saw supervising in 2019.
By comparison, the budget increase request for fiscal year (FY) 2020 is $1.746 billion, just 5.3-percent greater than the $1.658 billion budgeted for FY 2019.
While much greater than the rate of economic growth and inflation, combined, the stark comparison of these two rates of increase shows the difficult position the SEC faces as it attempts to fulfill its mission to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation.
‘Enforcement 40’ for 2020
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