In mid-February, President Obama's proposed budget for FY 2013 was released, which would appropriate $1.566 billion to the SEC. The proposal was for the full amount requested by the SEC, and an increase of $245 million above the agency's FY 2012 appropriation.

On Tuesday, March 6, SEC Chair Mary Schapiro testified before the House Subcommittee on Financial Services and General Government Committee on Appropriations in support of the President's $1.566 billion budget request. Schapiro emphasized numerous ways that the funds would help the SEC, including:

Permitting the SEC to add approximately 676 positions for both improvements to core operations and implementation of the agency's new responsibilities. 191 of these positions would be in the enforcement program.

Permitting the SEC to hire new subject matter experts in key areas such as over-the-counter derivatives; SRO rule approvals; economic analysis; and providing interpretive advice on new Dodd-Frank rules.

Supporting IT investments of approximately $100 million, which would help improve the enforcement and examinations programs' capabilities to intake and process thousands of tips, complaints, and referrals received annually, as well as massive amounts of electronic evidence; and also allow investments in electronic discovery, the SEC's forensics laboratory, and reporting tools.

Using $26 million from the Dodd-Frank Reserve Fund for continued modernization of EDGAR and SEC.gov.

Schapiro also emphasized that all appropriations to the SEC are "deficit-neutral," as SEC funding is fully offset by the matching collections of fees by the agency on securities transactions.

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