SEC Head Defends $245M Budget Request, Reform Progress

Law360, New York (April 25, 2012, 3:52 PM EDT) -- The House Committee on Financial Services on Wednesday grilled U.S. Securities and Exchange Commission Chairwoman Mary Schapiro on the agency's progress toward implementing new rules and possible reform of the money market industry as she defended a request for a $245 million budget increase.

Schapiro, heading a commission that has asked Congress for a 2013 budget of almost $1.6 billion, testified before the committee that the additional resources would allow the commission to staff essential efforts to protect investors, prevent regulatory bottlenecks as new rules go...
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