The Dodd-Frank Act is expensive.

The new financial regulatory law will cost the Securities and Exchange Commission $123 million in 2012, according to Mary L. Schapiro, the agency's chairwoman. To put Dodd-Frank into effect, she told lawmakers on Thursday, her agency will need more money — and a lot of it.

The White House agrees with Ms. Schapiro, but Congressional Republicans are threatening to cut the S.E.C.'s funding sharply. Ms. Schapiro warned lawmakers that budget cuts would be a big mistake.

“This year finds the S.E.C. at an especially critical juncture in its history,” she said in written testimony prepared for the Senate Banking Committee's panel on securities, insurance and investment. “Dodd-Frank will require significant additional resources or a substantial reduction in the performance of our core duties.”

Read the complete New York Times story, “S.E.C. Chief Makes Plea for More Funds.”

The Dodd-Frank Act is expensive.

The new financial regulatory law will cost the Securities and Exchange Commission $123 million in 2012, according to Mary L. Schapiro, the agency's chairwoman. To put Dodd-Frank into effect, she told lawmakers on Thursday, her agency will need more money — and a lot of it.

The White House agrees with Ms. Schapiro, but Congressional Republicans are threatening to cut the S.E.C.'s funding sharply. Ms. Schapiro warned lawmakers that budget cuts would be a big mistake.

“This year finds the S.E.C. at an especially critical juncture in its history,” she said in written testimony prepared for the Senate Banking Committee's panel on securities, insurance and investment. “Dodd-Frank will require significant additional resources or a substantial reduction in the performance of our core duties.”

Read the complete New York Times story, “S.E.C. Chief Makes Plea for More Funds.”