WASHINGTON AP – A key senator wants to change how the Securities and Exchange Commission is funded, saying the agency must be buttressed to prevent future disasters like its failure to detect the multibillion-dollar fraud run for decades by Bernard Madoff.
Sen. Charles Schumer, D-N.Y., a member of the Senate Banking Committee, plans to propose legislation next week that would dedicate all the annual revenue collected by the SEC to its budget instead of turning over a large portion of the fees paid by public companies and other entities that register stock with the agency to the Treasury Department for the government’s coffers.
