SEC says cuts likely unless Congress authorizes more funding

Mary Schapiro, chairwoman of the Securities and Exchange Commission, says that unless the agency receives more money it will have to "make significant cuts in its current operations." At a House subcommittee meeting Wednesday, Schapiro said the commission is trying to improve its investigative abilities and enforcement of regulations. She discussed issues such as fair-value accounting, saying updated guidance on the controversial rules will likely be available in the second quarter but that she opposes their suspension or elimination. Schapiro also suggested expanding the SEC's powers regarding hedge funds and credit-rating agencies.

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