Sean Patrick Maloney: “I rise in support of H.R. 3764, the SEC Reauthorization Act. The past year will go down in history as one of the most…”

“I rise in support of H.R. 3764, the SEC Reauthorization Act. The past year will go down in history as one of the most scandal ridden in the history of our Nation's capital markets. Enron, Global Crossing, TYCO, and ImClone all raise the clouds of insider corruption, massive financial restatements, and outright fraud on investors. This bill takes an important step in assigning these episodes to history and ensuring that the SEC has the resources to prevent future problems. This legislation commits significant new resources to the SEC, which I can attest are truly needed based on what we have learned from hearings in the Committee on Financial Services. The bill authorizes $776 million for the SEC in fiscal year 2003, $338 million more than the fiscal year appropriations 2002 level and $233 million, 43 percent more than the administration requested. At least $134 million will go to SEC's chief accountant and corporation finance division, $326 million to the enforcement division, and $76 million to pay parity. While these sums are significant and necessary, my colleagues are well aware that the agency is funded through transaction fees and not traditional tax revenue.”