Obama Proposes $1B SEC Budget For 2010

Law360, New York (August 27, 2009, 2:35 PM EDT) -- The Obama administration has proposed boosting the fiscal 2010 budget for the U.S. Securities and Exchange Commission by almost 7 percent in order to help the agency hire more staff and upgrade the technology needed to combat increasing reports of securities fraud.

The proposal released Thursday by the White House seeks $1.03 billion for the fiscal year beginning Oct. 1, a 6.6 percent increase from the SEC’s 2009 budget of $961 million.

SEC Chairman Mary Schapiro said the proposed budget reflected that in past years, the...
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