Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

SEC Would See Enforcement Funding Boost in Biden’s Budget Plan

March 28, 2022, 3:00 PM

The Securities and Exchange Commission would receive $2.15 billion in President Joe Biden’s fiscal 2023 budget proposal, an 11.4% increase from fiscal 2021.

The agency’s Enforcement Division would get a $53 million increase. Government agencies were operating at the fiscal 2021 spending level, with some adjustments, until fiscal 2022 appropriations were enacted earlier this month. ,

The division has kept a busy pace under chief Gurbir Grewal. The agency brought its first case last August involving a “decentralized finance” or DeFi technology, and took action against so-called blank check companies and alternative data providers to the financial services industry.

The numbers exclude additional funds for the SEC’s Inspector General and relocation costs for its Washington, D.C. headquarters.

The proposal would boost the Enforcement Division’s budget to $681 million from $628 million for fiscal 2021. Other divisions, including Corporation Finance, Trading and Markets and Compliance Inspections and Examinations, would also see increases.

The SEC offsets the funding lawmakers approve for it with fees charged to the companies it regulates.

To contact the reporter on this story: Lydia Beyoud in Washington at lbeyoud@bloomberglaw.com

To contact the editors responsible for this story: Keith Perine at kperine@bloomberglaw.com; Roger Yu at ryu@bloomberglaw.com