By Sarah N. Lynch
WASHINGTON (Reuters) - The U.S. Securities and
Exchange Commission's fiscal 2012 budget will increase under a
bill introduced by House Republicans on Thursday.
The SEC has been operating under last year's budget levels
while Congress hashes out a massive spending bill to keep major
parts of the government operating beyond the weekend.
If Democrats accept the Republican bill and help pass the
legislation, the SEC budget would rise to $1.3 billion compared
with the agency's current budget of $1.185 billion.
The SEC has been desperately seeking more money from
Congress in order to be able to implement nearly 100 new rules
required by the Dodd-Frank Wall Street overhaul law.
Without the money, the agency has argued it will not be able
to ramp up oversight of over-the-counter derivatives and hedge
fund advisers as required by the law.
In addition, SEC Chairman Mary Schapiro has previously
warned that a lack of resources could also hinder the agency
from bringing enforcement cases.
Under this bill, the SEC's fiscal 2012 budget fares better
than the Commodity Futures Trading Commission, which in November
was denied a large budget boost.
Amid frustration by Republicans over the CFTC's handling of
the Dodd-Frank implementation, the agency was only allotted a
$205 million budget for fiscal 2012, which is $103 million less
than what was requested by the Obama administration.
(Additional reporting by Rachelle Younglai; Editing by Derek
© 2015 Thomson/Reuters. All rights reserved.