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24jun10

Lawmakers agree to give SEC $100 million reserve fund

U.S. lawmakers agreed on Thursday to allow the Securities and Exchange Commission to place some of the fees it collects into a reserve fund so that the regulator can supplement its budget as needed.

Lawmakers hashing out a financial regulation bill said the SEC's reserve fund could not exceed $100 million in a fiscal year. When the SEC dips into the fund, the regulator would be required to tell Congress in order to maintain appropriate oversight.

Lawmakers from the House and Senate hope to merge their bills this week so they can send a final version of the regulatory overhaul to President Barack Obama to sign into law by early July.

[Source: Reuters, Washington, 24Jun10]
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