Dan Crenshaw: “This committee is not starving the SEC for funds. The SEC received an 11 percent increase in fiscal year 2012. They…”

“This committee is not starving the SEC for funds. The SEC received an 11 percent increase in fiscal year 2012. They received an 8 percent increase over the sequester level in 2014, and this year, the SEC is asking for $350 million more than they received in 2014. That is a 26 percent increase over fiscal year 2014. Now, for fiscal year 2015, the committee recommends $1.4 billion. That is $50 million above the fiscal year 2014, and it is specifically for critical SEC information technology initiatives. Listen to this: since 2001, Congress has increased the SEC's funding level by more than 200 percent. Not many Federal agencies can say they have received that kind of increase the way the SEC has. Then you ask yourself: What did the Commission get for that increased funding? Well, the Commission missed the Madoff Ponzi scheme. They signed a no-bid lease for almost a million square feet of office space they didn't need, they produced inaccurate financial statements, they failed to conduct a serious and thorough review of the agency's bureaucratic and siloed structure in order to become more efficient and more effective, and they wasted over a million dollars on unnecessary equipment. I might add they have had some of their rules thrown out in court due to the lack of economic analysis. {time} 2215 That is just to name a few of the embarrassing moments that the SEC enforcement and management has endured. This is not about a lack of funding.…”