Mary Schapiro, Chair of the Securities and Exchange Commission, reviewed the SEC's $1.56 billion budget request for FY2013. She testified before the House Appropriations Subcommittee on Financial Services and General Government.
She answered questions on ways to strengthen the oversight of market stability, how investors have benefited from the SEC's funding increase, the progress of IT upgrades and the impact of Dodd-Frank and the Volcker Rule.
The request represents a $245 million increase over last year's budget and reflects an effort to increase the SEC's staff to meet new responsibilities created by the Dodd-Frank Act.
The Commission is required to adjust its fee rate in order to match funds appropriated by Congress, making the SEC "deficit-neutral."