On Friday, May 27, 2022, a coalition of six organizations, mutually committed to “prioritizing and faithfully overseeing the implementation of SEC Regulation Best Interest” sent a letter to Congressional appropriations expressing “strong support of the President’s Budget’s requested $2.149 billion in funding for the U.S. Securities and Exchange Commission’s (“SEC” or “Commission”), which reflects a roughly 10 percent increase over the agency’s FY 2022 enacted budget.”
The group of signers, conclude that: “In view of the growing challenges and priorities outlined above, and our organizations’ shared conviction that the SEC must continue to possess sufficient resources to prioritize the implementation and enforcement SEC Regulation Best interest, we strongly urge the Congressional Financial Services and General Government Appropriations Subcommittee to fully fund the SEC’s FY 2023 budget request of $2.149 billion.
The six organizations signing the letter include:
(1) Better Markets
(2) The Certified Financial Planner Board of Standards, Inc.
(3) The Consumer Federation of America (CFA)
(4) The Financial Planning Association (FPA)
(5) The Investment Adviser Association (IAA)
(6) The National Association of Personal Financial Advisers (NAPFA).
The full text of the letter is available here: fof-coalition-letter-to-house-and-senate-fsgg-re-sec-fy-2023-budget-request-may-27-2022-pdf