President Bush proposed last Monday a $913 million budget for the Securities and Exchange Commission, one that would represent a 13% increase in available funds for the regulatory agency.

The budget consists of $893 million in new budget authority and an anticipated $20 million surplus from the previous year. The increased bankroll would enable the SEC to hire 106 new employees in fiscal 2005 to further advance its management and operational initiatives. The new hires represent $18.7 million of the total budget.

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