Getting your player ready...
WASHINGTON — U.S. Sen. Charles Schumer and Securities and Exchange Commission Chairwoman Mary Schapiro are pushing to win self-budgeting authority for the SEC.
Four former SEC chairmen joined Schumer and Schapiro on a conference call with reporters Thursday to urge Congress to free the SEC from lawmaker-approved budgets.
The Senate Banking Committee approved a provision letting the SEC determine its own funding as part of its broader financial-overhaul measure, but some fear it may be stripped out.
SEC officials have complained that stagnant budgets during the final years of George W. Bush’s presidency made it difficult to keep pace with Wall Street risk-taking blamed for fueling the financial crisis. Bloomberg News
