Making her first appearance on Capitol Hill as chairman of the U.S. Securities and Exchange Commission, Mary Jo White today urged members of a House panel to approve her agency’s request for $1.566 billion as part of President Barack Obama's budget. White testified before the Financial Services subcommittee of the House Committee on Appropriations.
Republicans on the subcommittee, including the chairman, Representative Ander Crenshaw (R-Fla.), criticized the budget request as being 33 percent more than the sequester amount. The SEC funds its budget using securities transactions fees collected by the agency.
Representative Jose Serrano (D-N.Y.) asked White about the effects the sequestration has had on the agency. White said that while the SEC anticipated the budget cuts, the agency does not dilute its responsibility to oversee more than 35,000 entities.