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1 (2017)

handle is hein.cbhear/fdsysasjp0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP FINANCIAL SERVICES AND GENERAL GOV- ERNMENT APPROPRIATIONS FOR FISCAL YEAR 2018 TUESDAY, JUNE 27, 2017 U.S. SENATE, SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS, Washington, DC. The subcommittee met at 10:05 a.m., in room SD-138, Dirksen Senate Office Building, Hon. Shelley Moore Capito (chairwoman) presiding. Present: Senators Capito, Coons, Boozman, Daines, Moran, and Van Hollen. SECURITIES AND EXCHANGE COMMISSION STATEMENT OF HON. JAY CLAYTON, CHAIRMAN OPENING STATEMENT OF SENATOR SHELLEY MOORE CAPITO Senator CAPITO. Good morning. The subcommittee will come to order. And I would like to welcome our witnesses, SEC Chairman Jay Clayton and Acting CFTC Chairman Chris Giancarlo. Thank you both for being here. We look forward to hearing from both of you about the details of your budget requests and your plans to carry out your agency's missions. As Members of this subcommittee, we have a responsibility to en- sure the funds we see are spent wisely. Both of your agencies are seeking increases for fiscal year 2018. The SEC is requesting $1.8 billion, which is $242 million, or 15 percent, higher than fiscal year 2017. Since fiscal year 2000, the SEC budget has grown from $377 million to now $1.6 billion. While the SEC is a fee-funded agency, congressional oversight over the Commission's budget is critical. Although these fees come from public companies and exchanges, they are borne by investors and Congress has a responsibility to ensure that those funds are being spent in a manner that protects investors, helps markets op- erate efficiently, and spurs economic growth for all Americans. The CFTC is requesting $281.5 million, almost 13 percent more than fiscal year 2017. For comparison, the CFTC was funded at $62.7 million in fiscal year 2000 and the budget has now reached at least $250 million. However, access to more funding does not necessarily ensure that an agency will successful achieve its mis- sion or spend that funding responsibly. You both have challenges as you have taken the helm of your agencies. (1)

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