6/6/12: The House Appropriations Subcommittee on Financial Services and General Government approved its FY 2013 appropriations measure today. The bill does not allocate funding for a 2013 federal pay raise, but also does not require a pay freeze for 2013. It includes a small $50 million increase in the SEC's budget over FY 2012.

 As you know, the President has recommended a 0.5% pay increase for civilian federal employees in FY 2013.  The fact that the Financial Services and General Government Appropriations Subcommittee bill is silent on the 2013 pay raise is not an issue at this time. NTEU will continue to work with both the Administration and the Senate to include the 0.5% pay raise for 2013 in the final bill.  

The proposal for the SEC's budget is almost $200 million less than President Obama requested. The bill also contains a prohibition against the SEC spending any money from its reserve fund, which the committee said was "essentially a slush fund." NTEU will continue to work on obtaining a further increase in the agency's budget in the Senate.

As the Financial Services Appropriations bill moves forward, the union will continue to monitor it and will let you know when there is further information to report.