Influential House Republican Open To SEC Budget Boost

Law360, New York (September 16, 2011, 2:13 PM EDT) -- A powerful House Republican said Thursday that given the U.S. Securities and Exchange Commission's new regulatory responsibilities under the sweeping Dodd-Frank Wall Street Reform and Consumer Protection Act, the Wall Street watchdog likely will need more money.

Rep. Spencer Bachus, R-Ala., who chairs the Committee on Financial Services, broke with many budget-slashing Republicans at a hearing on the SEC's future.

"Some of my colleagues have argued, and I think with some persuasion, that with their expanded role there's a need for an immediate funding increase," Bachus...
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