President Likely to Seek Increased Funding for SEC, CFTC

Legislative Activity

President Obama to Unveil FY 2016 Budget

Later today, President Obama is set to unveil his FY 2016 Budget (Budget). As in previous years, we anticipate that President Obama will seek increased funding for the Securities and Exchange Commission (SEC) and Commodities Future Trading Commission (CFTC) than was allocated by Congress for this fiscal year. However, if previous appropriations are indicative of the funding Congress will ultimately provide the agencies, it is unlikely that Congress will fund the SEC or CFTC at the levels President Obama is likely to request in his Budget – especially with both chambers under Republican control. Squire Patton Boggs will release a comprehensive Budget analysis on Wednesday, February 4.

This Week’s Hearings:

• Wednesday, February 4: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled “Exploring Alleged Ethical and Legal Violations at the U.S. Department of Housing and Urban Development.”

Regulatory Activity

SEC to Hold Open Meeting on the PCAOB

On Wednesday, February 4, the SEC will hold an open meeting to consider whether to approve the 2015 budget of the Public Company Accounting Oversight Board (PACOB). Additionally, the SEC will consider the related annual accounting support fee for the PCAOB under Section 109 of the Sarbanes-Oxley Act of 2002.