SEC seeks self-funding power to strengthen agency

Five former heads of the Securities and Exchange Commission joined Chairman Mary Schapiro in calling on Congress to grant the agency authority to fund itself. "The SEC languishes as one of the few financial regulators still subject to the annual appropriations process," Schapiro said. Her comments echoed those of Sen. Charles Schumer, D-N.Y., a member of the Senate banking committee. A bill proposed by Sen. Christopher Dodd, D-Conn., would give the agency the right to retain fees it levies, but congressional aides said the measure could be dropped.

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