On the recordMay 17, 2013
I thank the gentleman for the time, and I thank Mr. Garrett for bringing this important piece of legislation before the House today. As chairman of the Appropriations Subcommittee on Financial Services, my subcommittee has oversight of the budget of the SEC. I think that Members would be interested in knowing that that budget has increased over 200 percent in the last decade and that the SEC this year is asking for a substantial increase, more than most agencies. So I think, if that is the case, then it's important that the SEC spends the money that they receive in the right way and that they set the right priorities. It seems to me that, if rules and regulations are important and if they're necessary, then the cornerstone of that rulemaking process should be: What kind of impact is that going to have on the people in this country? What kind of far-reaching impact is it going to have? How much does that cost? What are the benefits? {time} 1130 So far, the SEC hasn't quite gotten that right. The inspector general has said that, courts have said that, and all this bill does is simply say to the SEC what we would all agree is common sense. It's not a partisan idea. It's not a Democratic idea. It's not a Republican idea. The CHAIR. The time of the gentleman has expired.
