RJ and Makay

Despite its long battle for a much larger budget to cover current activities and comply with new financial reform laws, the Securities and Exchange Commission (SEC) only received a modest budget increase that's not nearly as much as it says it needs.

In the budget agreement finalized late Friday night to avoid a government shutdown, the SEC is slated to receive a $74 million increase to its current budget for the rest of the fiscal year, which ends Sept. 30. The House and Senate are scheduled to vote on the budget measure this week.

The financial industry and Congressional Republicans don't see eye to eye about proposed budget cuts at the Securities and Exchange Commission (SEC).

Whereas the Republicans want less money for the SEC, the financial industry is concerned that would hamper the SEC so much that the new Dodd-Frank financial reform law will become far more burdensome than necessary. “There’s a real disconnect,” observes K&L Gates partner Stephen Crimmins, who worked at the SEC for 14 years.