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Rating:ICI GMM: Mary Jo White Seeks 30% Budget Increase Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 22, 2014

ICI GMM: Mary Jo White Seeks 30% Budget Increase

Reported by Tommy Fernandez

With the current budget allocated to the SEC, the agency only has enough resources to inspects 25% of the 11,000 investment advisors it has under its bailiwick, according to SEC Chair Mary Jo White.

That's why the SEC chair is pushing to up her agency's budget by over 30%, to $1.7 billion in 2015.

"We don't add to the deficit, we don't take away from any other agency. Whatever our appropriation, we are funded by a small fee assessed on inspections,...It is particularly frustrating when you don't get adequate resources," she said.

White made these comments during a breakfast held at the last day of the ICI GMM 2014 Conference held here at the Washington Hilton.

The additional money will go to inspection teams, and staff to the division of investment management, as well as continued technology upgrades throughout the agency.

White also encouraged fundsters to work with the agency during rule making and research. She also acknowledged industry concerns over ongoing debates by the Financial Stability Oversight Council over regulating major asset managers as systemically important financial institutions. 

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