Senate Subcommittee to Examine 2008 SEC Funding Proposal


5/15/07: On Wednesday, May 16, the Financial Services and General Government Subcommittee of the Senate Appropriations Committee will begin work on fiscal 2008 funding for the Securities and Exchange Commission, which will have a significant impact upon your compensation. Chairman Christopher Cox is scheduled to testify. In March, he testified in support of the president's $905.3 million budget request for SEC before the House Subcommittee on Financial Services and General Government. To read Chairman Cox's House testimony, click here.

NTEU urges Chairman Cox to seek sufficient funding for cost-of-living increases, career-ladder promotions and merit pay raises for all SEC staff, in accordance with the Pay Parity legislation and the October order of the Federal Service Impasses Panel. The employees of the SEC are its greatest asset. In light of the fact that there has been significant attrition at the agency over the past two years due to the hiring freeze, SEC employees are being asked to do more and more to meet the agency's mission requirements. If, like last year, the agency once again fails to recognize the valuable contributions of its employees by fully funding the merit pay process, it will have a damaging negative impact upon employee morale at the SEC.