9/15/11: NTEU National President Colleen Kelley applauded action by a key Senate subcommittee to boost the agency’s fiscal 2012 budget by $222 million over that of the current fiscal year.
The proposed 19 percent increase for the SEC is contained in legislation marked up yesterday by the Senate Financial Services and General Government Appropriations Subcommittee. The full Appropriations Committee is scheduled to take up the measure today.
“I am very pleased to see the subcommittee’s recognition of the reality that new and expanded responsibilities require sufficient resources if they are to be met in the manner the public needs and expects,” said President Kelley.
The increase proposed by the subcommittee, chaired by Sen. Richard Durbin (D-Ill.), would be fully offset by the collection of securities transaction fees—and, as a result, would not in any way contribute to the nation’s financial deficit.
The additional funding would support increased legal and investigative staffing for oversight and enforcement responsibilities, stemming in part from new mandates contained in legislation reforming the nation’s financial regulatory structure. It also would allow for substantial investments in critical SEC information technology upgrades.
The SEC plays a key role not only in protecting investors, but in maintaining fair, orderly and efficient markets, and facilitating capital formation. In addition to those at the SEC, NTEU represents thousands of other frontline employees in a number of financial regulatory agencies.
NTEU is the nation’s largest independent federal union, representing more than 150,000 employees in 31 agencies and departments, including more than 2,900 at the SEC.