Republican Lawmaker Opposes SEC Cuts

Mar 18 2011 | 12:33pm ET

Securities and Exchange Commission Chairman Mary Schapiro's pleas for more funding have found at least one receptive Republican ear on Capitol Hill.

Rep. Jo Ann Emerson (R-Mo.) broke ranks with her party this week, opposing deep cuts in the SEC budget. While Emerson did not go so far as to back Schapiro's call for a $260 million increase in the agency's budget, she did say she was skeptical of her own party's plans to slash about $200 million from its budget.

"My recommendation would be to probably not take them back to 2008 levels," Emerson said, referring to a GOP plan that would cut all federal agencies to their budgets of three years ago. "They've got a big mission and they need the tools to do their job."

Emerson's support could be key, although she warned that her words were merely her "personal opinion." The Missouri congresswoman is the chairwoman of the House of Representatives Appropriations Subcommittee that sets agency funding levels.

"Let's just say I think [Schapiro] makes a good case and I hope my colleagues can make a good case that at least 2008 levels is too drastic for the SEC," Emerson said.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…