Political Quotes

“I would like to express my support for amendment No. 3809, which was offered by the Senator from Hawaii to the financial regulatory reform bill. His amendment would have stricken a provision in the financial reform legislation that allows the Securities and Exchange Commission to use fee revenues to fund its own operations without undergoing the annual appropriations process. While the President's budget request does not endorse 'self-funding' for the SEC, I understand the Commission itself supports the idea because it generally raises more fee revenue each year than Congress appropriates for the agency. Under self-funding, the SEC might receive more money without the challenges of the annual appropriations process by keeping all the fees it receives in the form of offsetting collections. While I appreciate that the appropriations process subjects the Commission to competition from other government programs, it is precisely that process that imposes discipline on Federal agencies and helps distill needs from wants. Self-funding would effectively exempt the SEC from Congressional budgetary oversight. Congress has important constitutional responsibilities for directing Federal spending and providing necessary oversight over the executive branch. The Commission has offered no compelling evidence that it cannot perform its statutory functions under the current budget structure or that its performance warrants being exempted from that structure.”