Tag: Budget

SEC.gov | Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request

The Securities and Exchange Commission today announced a $1.658 billion budget request for fiscal year 2019 to support its core mission and expand oversight and enforcement in emerging areas such as financial innovation, market structure and cybersecurity. The SEC’s funding is offset by matching collections of fees on securities transactions and is budget and deficit neutral. via SEC.gov | Investor…

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General Services Administration kicks off search for new SEC HQ – Washington Business Journal

The federal government has officially kicked off its search for a new headquarters for the Securities and Exchange Commission, which has been located in space near Union Station in Northeast D.C. for more than a decade. The General Services Administration issued a presolicitation Monday seeking nearly 1.3 million square feet for the SEC as an alternative to the agency’s current…

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Trump budget threatens SEC’s technology spending — FT

The Trump administration is planning to eliminate a part of the Securities and Exchange Commission budget that the regulator has been using to build tools for identifying insider traders and pursuing enforcement actions. A line item buried in the proposed budget released by the White House last week would scrap a $50m annual “Reserve Fund” created in the Dodd-Frank Act…

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Why white-collar crooks may be cheering this Jeff Sessions memo — Yahoo Finance

Late last week, President Donald Trump’s budget blueprint was released. Among many other headline-grabbing cuts—the EPA, Meals on Wheels, climate change funding, legal aid for low-income households, and on, and on, and on—it also included a less-noticed $1.1 billion, or 4%, cut to the Department of Justice. The DOJ, of course, includes two divisions of key interest to corporate America,…

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SEC Enforcement Arm Braces for Cutbacks – Barron’s

Already, the department has halted non-essential travel and the hiring of outside contractors who help in-house lawyers with cases, sources tell the publication. The enforcement department faces significant spending cuts in President Donald Trump’s proposed budget. “We’re already seeing a quieter enforcement regime,” Emory University law professor Urska Velikonja tells Bloomberg. “The number of enforcement cases is likely to be…

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Congress to SEC: You’ll get nothing and like it | Compliance Week

The SEC, like Spalding Smails in this classic scene from Caddyshack, understandably wants some things. Not “a hamburger, a cheeseburger, a hotdog” but, rather, enhanced technology, more examiners, additional experts on staff, and so on. But lately, without fail, Congress invokes its inner Judge Smails to tell the SEC the same thing each year: “You’ll get nothing and like it!”…

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Same Old, Same Old With SEC Budget Process | Compliance Week

Yesterday, the House Appropriations Committee approved a fiscal year 2016 Financial Services Appropriations bill that is eerily similar to the bill Congress passed four years ago — both bills appropriate $222 million less than the SEC requested, freeze the SEC’s budget at the prior year’s level, and prohibit the SEC from drawing upon an important reserve fund. via Same Old,…

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SEC Chair White Testifies for FY 2015 Budget, Details Enforcement Initiatives – Compliance Week

Yesterday, SEC Chair Mary Jo White offered detailed testimony on why the SEC needs the $1.7 billion proposed in President Obama’s fiscal year 2015 budget request. She laid out a list of initiatives in the enforcement area, including the need to “keep pace with today’s high-tech, high-speed markets.” via SEC Chair White Testifies for FY 2015 Budget, Details Enforcement Initiatives…

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