In an article in the
New York Times today, Edward Wyatt writes that the SEC is in a tough spot as it seeks additional funding from Congress, because the agency hasn't done such a great job managing its own finances. And who is going to give more money to a group that isn't keeping good track of how it's spending it's current budget? Especially this particular Congress?
Wyatt writes:
"Since the commission began producing audited statements in 2004, the Government Accountability Office has faulted its reporting almost every year. Last November, the G.A.O. said that the commission’s books were in such disarray that it had failed at some of the agency’s most fundamental tasks: accurately tracking income from fines, filing fees and the return of ill-gotten profits."
What's more, the agency's budget has nearly tripled from $1.1 billion in 2010 from $377 million in 2000. That said, the SEC has a vast array of new responbilities under Dodd-Frank. SEC Chairman Mary Schapiro has said the agency will need at least 800 new employees to get the job done effectively, which represents a 20 percent increase of its work force.
To read the full article, go here.