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A Wounded Animal is a Dangerous Animal: SEC Requests Budget Increase

By Michael MacPhail, Esq.

SEC Chairman Mary Schapiro appeared before a Congressional panel to make the case for the agency?s budget request, which is supported by the Obama administration, of $1.03 billion for the fiscal year starting in October, an increase of 9 percent from fiscal 2009. Without the increased funding, the SEC, which was stung by criticism that it failed to detect the massive Madoff Ponzi scheme, would have to make ?significant cuts in its current operations,? Schapiro said, warning it would be dangerous for the agency to retrench with the financial markets in turmoil. She also asked the subcommittee to allow the agency to use $17 million this year that wasn?t spent in prior budget years. President Obama?s spending plan says the SEC needs more money to increase staff, improve its technology and ?pursue a risk-based, efficient regulatory structure that will better detect fraud and strengthen markets...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on March 13, 2009 (boomark / email).