Outgoing SEC Chair Mary Jo White will be testifying today (November 15, 2016) before the House Financial Services Committee. White announced her intent to depart the Commission at the end of the Obama’s administration yesterday (November 14th). The somewhat routine hearing is entitled; “Examining the SEC’s Agenda, Operations, and FY 2018 Budget Request”.
The Committee memo outlines the budget request and Continuing Resolution, which expires on December 9, 2016. The SEC’s current appropriation is $1.605 billion. The Administration’s FY 2017 request for the SEC is $1.781 billion. The SEC has the authority to carry over unspent funds from the previous fiscal year and did so this past year in the amount of $25 million in unspent funds.
The SEC may also contribute $50 million in any one fiscal year to a Reserve Fund established under the Dodd-Frank Act, provided that the balance of the Reserve Fund never exceeds $100 million. Currently, the Reserve Fund’s balance exceeds $93 million, and the SEC has budget authority to spend $13.5 million from the Reserve Fund.
The Hearing will be live-streamed at 10AM ET today on the HFSC website.