Mary Jo White, the new head of the Securities and Exchange Commission, defended her budget in recent testimony before the House Financial Services Committee, saying it was needed to uphold the priorities of the agency, including oversight of investment advisers. The Obama administration seeks a 27% increase over the 2012 agency budget. White told lawmakers that only 8% of registered investment advisers were examined in fiscal 2012, adding, "Significant additional coverage is essential if investors are to be appropriately protected."

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