The SEC’s FY 2016 budget request seeks to address our current needs and the challenges we face by providing resources to allow the SEC to hire an additional 431 staff in critical, core areas and enhance our information technology. The SEC also has responsibility for reviewing the disclosures and financial statements of approximately 9,000 reporting companies and for enforcing compliance with the federal securities laws. The agency also oversees 18 national securities exchanges, 10 credit rating agencies, and eight active registered clearing agencies, as well as the Public Company Accounting Oversight Board (PCAOB), Financial Industry Regulatory Authority (FINRA), Municipal Securities Rulemaking Board (MSRB), the Securities Investor Protection Corporation (SIPC), and the Financial Accounting Standards Board (FASB). The agency today currently oversees more than 25,000 market participants, including nearly 12,000 investment advisers, approximately 10,500 mutual funds and exchange-traded funds, nearly 4,500 broker-dealers, and about 450 transfer agents. Improvements to technology and operations have made the agency more efficient and effective, but to continue to meet our mission, we must be able to keep pace with the current and growing size and complexity of our markets and the entities participating in them. From fiscal year 2001 to the start of this fiscal year, for example:Īssets under management of SEC-registered investment advisers increased approximately 254 percent from $17.5 trillion to approximately $62 trillion Īssets under management of mutual funds grew by 143 percent from $6.4 trillion to $15.6 trillion andĪnnual trading volume in the equity markets more than doubled to in excess of $67 trillion.ĭuring this same period, the SEC’s responsibilities have also dramatically increased, adding or expanding jurisdiction over securities-based swaps, private fund advisers, credit rating agencies, municipal advisors, and clearing agencies, among others. Understanding the growth in the size and complexity of the agency’s responsibilities and in our markets, market participants, and investment products is critical to assessing the agency’s funding needs. securities markets are complex and constantly evolving, and the activities within our jurisdiction are not static. I appreciate the opportunity to describe the compelling basis for funding the agency at a level of $1.722 billion to help it fulfill its obligation to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Thank you for inviting me to testify today in support of the President’s fiscal year 2016 budget request for the Securities and Exchange Commission. Looking to get involved but don’t know where to start? These documents will help you get more familiar with the budget process in DC, as well as with how we earn the revenue to support our budget.Chairman Boozman, Ranking Member Coons, and members of the Subcommittee: Temporary Assistance For Needy Families (TANF) DCFPI Budget Spreadsheet: This downloadable spreadsheet includes information on local funding for all DC agencies from FY 2000 to FY 2016.In order to help you understand the FY 2016 budget, DCFPI has released an in-depth analysis of the entire proposed FY 2016 DC budget and analyses of several individual program areas. If you want e-mail updates on the FY 2016 budget from DCFPI, sign up here.
Several DC agencies will be holding briefings to help the public better understand the changes to their FY 2016 budgets and provide an opportunity to ask questions. That includes an in-depth guide and tools to understand the fiscal year (FY) 2016 budget proposed by Mayor Bowser on April 2 nd, 2015, which will be voted on by the DC Council on May 27th. Here you will find resources to help you understand the annual budget process in DC. Welcome to the DC Fiscal Policy Institute’s Budget Toolkit!
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