March 14 --The House Financial Services Committee ripped the Securities and Exchange Commission for inefficient money management strategies, in its “views and estimates” on President Obama's proposed fiscal year 2015 budget, which it endorsed in a party-line vote March 14.
The report was adopted by a 32-25 vote, with all present committee Republicans in favor and all Democrats opposed.
The White House requested $1.7 billion to fund the SEC in fiscal year 2015, an increase from the $1.35 billion budgeted for 2014.
The committee report called out the SEC's performance leading up to the financial crisis. “Since 2004, the SEC's budget has increased by more than $539 million,” the report said. “However, the increased budget has not necessarily been reflected in an increase in the level of the SEC's performance.”
An SEC spokesman declined to comment on the report.
“The SEC has not made the case they deserve additional funding,” Garrett, who chairs the House Financial Services Capital Markets Subcommittee, said.
Democrats, however, supported more funding for the commission. “The enforcement teams of the SEC, they bring cases against entities that spend more on lawyers' fees than the agency's annual operating budget,” Rep. Carolyn Maloney (D-N.Y.) said.
The amendment was defeated, 26-31, in a vote along party lines.
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To see the committee's views and estimates, visit http://financialservices.house.gov/uploadedfiles/fy15_budget_views_and_estimates.pdf
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