socialmedian: House panel OKs adding $1 billion to SEC funding

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House panel OKs adding $1 billion to SEC funding

Source: Wall Street Journal

Nov 04, 2009

Summary

WASHINGTON (MarketWatch) -- The agency that failed to catch Bernard Madoff's $65-billion ponzi scheme would have its funding doubled under legislation approved by a key congressional committee on Wednesday. The House Financial Services Committee approved more than $1 billion in additional funds annually over five years to the Securities and Exchange Commission together with a package of investor protection measures implemented in response to the financial crisis. The panel voted 41 to 28.

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