President Bush's 2007 proposed budget increases funding for the Securities and Exchange Commission only 3%, to $905.3 million compared to $904.8 million in 2006. Last year, Congress cut that request down to $877.1 million.
The budget calls for $130 million to be applied to information technology, an increase of about 10% from last year. The budget has also earmarked $321.2 million for investigations and enforcement. The SEC expects to open 925 investigations in 2007, compared to 960 in 2006. One major area of investigation likely to continue is the backdating of stock options. Another $45.1 million is aimed at addressing mutual fund and hedge fund oversight, highlighting the agency's focus on fund disclosures.
(c) 2007 Money Management Executive and SourceMedia, Inc. All Rights Reserved.