The SEC’s Proposed 'Self-Spending' Authority

Law360, New York (June 17, 2010, 12:11 PM EDT) -- Most of us learned in high school that only Congress and the president can spend the public’s money and levy taxes on the American people.

Welcome to financial regulatory reform.

In the spirit of “free[ing]” the U.S. Securities and Exchange Commission, the House-Senate conference committee has reportedly approved Senate language passed last month that gives the SEC chairman the authority to set the SEC’s annual budget — no questions asked — and to require the Treasury to cut a check for the full amount.

The SEC...
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