The Securities and Exchange Commission (SEC) is requesting a $1.658 billion budget for fiscal year 2019 to support its mission and expand oversight and enforcement.
The request level is a 3.5 percent increase over the current year budget of $1.602 billion. The funding is offset by matching collections of fees on securities transactions. It is budget and deficit neutral. The budget request would support 4,628 positions.
Further, the agency is looking to update its technology and expand its cybersecurity capabilities.
Specifically, the SEC is seeking a $45 million increase for information technology enhancements to support the agency’s cybersecurity capabilities, risk and data analysis, enforcement and examinations, and automation of business processes.
“This year’s budget request reflects our top priorities of protecting investors and making sure we continue to have the most vibrant and well-functioning capital markets in the world,” SEC Chairman Jay Clayton said. “With the exceptional work and commitment of dedicated staff, the SEC will continue striving to maintain and expand an environment conducive to capital formation while ensuring investor protection.”
The SEC oversees more than 4,100 exchange listed public companies. Further, it oversees $74 trillion in annual securities trading and the activities of nearly 27,000 registered market participants, including brokers, dealers, and investment advisors.