The U.S. Securities and Exchange Commission will delay rules for the derivatives markets and will have only a "skeleton crew" tracking hedge funds if it doesn't receive a 2012 budget increase, Chairman Mary Schapiro said.
"The new responsibilities assigned to the agency under the Dodd-Frank Act are so significant that they cannot be achieved solely by wringing efficiencies out of the existing budget," Schapiro said in testimony prepared for a hearing of the Senate Banking Committee on the anniversary of Dodd-Frank enactment tomorrow.
Citing its many new duties under Dodd-Frank, Schapiro requested a $1.4 billion 2012 budget for her agency after a 2011 budget debate resulted in a $74 million increase to $1.2 billion. A budget bill crafted by House Republicans would keep the SEC at its current spending level next year.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
