Gensler Testifies in Front of House Appropriations Committee on SEC Budget Requests
On March 29, the House Appropriations Committee’s Subcommittee on Financial Services and General Government held a hearing entitled, “Fiscal Year 2024 Request for the U.S. Securities and Exchange Commission”, with SEC Chairman Gary Gensler testifying. Several Republicans expressed concern with the Commission’s proposed climate disclosure rules, while Democrats expressed support for increasing the Commission’s budget. Subcommittee Chairman Steve Womack (R-AR) said it is “unfortunate” that one of the SEC’s core tenants, capital formation, continues to be an afterthought. Subcommittee Ranking Member, and former House Majority Whip, Steny Hoyer (D-MD) voiced support for an increase to the Commission’s budget because greater funding is an investment into America’s economic future and cuts would leave the U.S. economy more vulnerable. In his written testimony, Chair Gensler noted the additional funding request supports “funding for an additional 170 positions, as well as full-year funding for those staff hired in FY2023.” His testimony states the SEC is requesting funds to grow division staff including those in the Exams Division, due to the growth of registered investment advisers (22% over five years), and a growth in private funds (50% over five years).
Click here to read Gensler’s written testimony submitted to the House Appropriations Subcommittee.