SEC chairwoman Schapiro wins modest budget victory

Securities and Exchange Commission chairwoman Mary L. Schapiro, who has been pleading with lawmakers to increase the agency’s budget, won a modest victory Tuesday.

Rep. Jo Ann Emerson, (R-Mo.), chairwoman of the House appropriations subcommittee that oversees the agency, told reporters that she does not believe the agency’s budget should be reduced to its 2008 level as others have proposed.

But Emerson would not say what size budget she would support for the SEC.

Emerson made her comments after a hearing in which Schapiro said that rolling back the agency’s budget could force it to make serious trade-offs in its supervision of Wall Street.

Schapiro has argued that the SEC needs expanded funding to meet its expanded responsibilities.

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