President Biden Proposes Budget Boost for SEC to Support Enforcement
March 29, 2022
President Biden’s fiscal year 2023 budget includes a hefty funding increase for the SEC. The SEC is allocated $2.15 billion, which is 7.5 percent more than was appropriated for the SEC in the 2022 Consolidated Appropriations Act, signed into law on March 12, 2022. The proposed 2023 funding is more than 11 percent higher than the SEC’s fiscal year 2021 budget.
In addition, $57.4 million has been budgeted for the SEC’s move to a new Washington, DC, headquarters. As the Biden administration increases its focus on climate change, ESG, digital currencies, and cybersecurity, we can expect to see increased examinations and enforcement in these areas and these divisions, enforcement in particular, are likely to be the beneficiaries of some of this increase.
The President’s 2023 budget is available on the White House website.