The new chair of the SEC, Mary Jo White, testified before Congress this week and asked to have the SEC’s budget increased by 26%, to $1.67 billion. A few of the highlights:
- she reiterated her commitment to completing the rule making under Dodd Frank and the JOBS Act.
- she wants to add 676 new staff positions.
- she claims the increase will be budget-neutral because it will be offset by an increase in collections fees.
- Corporation Finance will get 25 new staff members, “to hire additional attorneys and accountants to continue to enhance the Division’s reviews of large companies, review draft registration statements . . . prepare and finalize the remaining rules and projects to implement the Dodd-Frank Act and the JOBS Act . . .”
- Enforcement will get 131 new staff members, for “expertise in the securities industry and new product areas [and for additional] trial attorneys, and forensic accountants, as well as staff for the Office of Market Intelligence, the Office of the Whistleblower, and the SEC’s collections and distribution functions.”
- also mentioned was an upcoming overhaul of Edgar.