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1 (2018)

handle is hein.cbhear/fdsysauzi0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP FINANCIAL SERVICES AND GENERAL GOV- ERNMENT APPROPRIATIONS FOR FISCAL YEAR 2019 TUESDAY, JUNE 5, 2018 U.S. SENATE, SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS, Washington, DC. The subcommittee met at 3:33 p.m., in Room SD-138, Dirksen Senate Office Building, Hon. James Lankford (Chairman) pre- siding. Present: Senators Lankford, Boozman, Kennedy, and Van Hollen. SECURITIES AND EXCHANGE COMMISSION STATEMENT OF HON. JAY CLAYTON, CHAIRMAN OPENING STATEMENT OF SENATOR JAMES LANKFORD Senator LANKFORD. Good afternoon, everyone. The subcommittee will come to order. Welcome to today's hearing on the fiscal year 2019 budget re- quest for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Today we have SEC Chairman Jay Clayton, CFTC Chairman Christopher Giancarlo. Thank you both for being here today, by the way, and for the extensive preparation that you did. SEC's mission is to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. To accomplish these objectives, SEC requests $1.658 billion for fiscal year 2019, a $6 million increase over the fiscal year 2018 enacted amount. SEC's funding is derived from fees paid by national securities ex- changes and associations and results in no direct appropriations. However, these fees are ultimately passed on to U.S. investors, re- tirement savers, market participants, and the subcommittee has the responsibility to ensure that they are all spent wisely. Chairman Clayton, your leadership of the SEC coincides with the rapidly changing environment for investors. The Commission is for- mulating responses to new threats, including cybersecurity, mis- conduct affecting retail investors, as well as new opportunities in- cluding innovative platforms and promoting investor access to in- formation. This hearing is timely as I continue working with my colleagues on additional reforms to facilitate capital formation. I look forward to working with you and hearing your thoughts on legislative (1)

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