Hoping more funding will help the Securities and Exchange Commission weed out fraud more, President Barack Obama has proposed increasing the agency's 2010 budget by 13%.
The commission's proposed budget would be 13% higher than its 2008 budget of $906 million. The 2009 budget, proposed by the Bush administration last fall, sought to increase the SEC's budget by 1% to nearly $914 million. That fiscal year budget has yet to be finalized by Congress.
"The President's requested budget increase for the SEC would enable us to increase our staff and use new technology to pursue risk-based approaches that would better detect fraud and ensure stronger oversight of the nation's securities markets," said SEC Chairman Mary Schapiro. "We appreciate these additional resources that would help strengthen and reinvigorate the SEC and rededicate our commitment to the protection of investors."
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