Where do the SEC fees go?

L

loufah

http://www.nytimes.com/2002/12/01/business/01SEC.html is an interesting article about how underfunded the SEC is. Here's the real infuriating part:
Earlier this year, Congress gave the commission a modest $30 million budget increase, to about $468 million, so that the agency could begin to hire an additional 100 professionals and enlarge its staff of about 3,100. In recent years, it has taken in fees of more than $2 billion a year, but Congress has rejected attempts to let the S.E.C. support itself directly because lawmakers are reluctant to give up their influence over the agency's agenda through its budget.
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I think usage taxes should go toward improving the item or service being taxed (income or vice taxes are different, of course). So I'm annoyed that the money that's supposed to be funding the SEC is, by and large, going toward other government programs.
 
As far as I know the SEC turns over their revenue to the Treasury and then goes in like a pauper asking for handouts from Congress.
 
It would be more Fair if the SEC would support itself. Less chance of political corruption by having less hands in the cookie jar.
 
Quote from rtharp:

It would be more Fair if the SEC would support itself. Less chance of political corruption by having less hands in the cookie jar.
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you think?? i'm thinking that the biggest change would be fancier lunches and bigger offices at the SEC (if they had their own money)...:D

thx for the link babak...
 
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