The Securities & Exchange Commission is to receive a massive pay rise - enabling it to hire more accountants - after US president George W Bush asks congress for an increased budget of $842m (£512m) for the year beginning October 2003.
Link: SEC chief-to-be faces Senate grilling
In what the White House termed as ‘the largest proposed budget increase in the history of the agency,’ the SEC, along with a handful of government agencies, will receive a significant increase in its budget.
The proposed increase will enable the SEC to add at least 710 new jobs, the commission told the New York Times.
The White House said the increase will enable the SEC to ‘hire more accountants, attorneys, and examiners to protect investors, root out fraud, and instill corporate responsibility.’
The move comes after a year of corporate scandals in the US illustrating fundamental problems in the country’s corporate governance. Experts say some of these difficulties stemmed from lack of resources and manpower at the SEC.
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