ICI Submits Statement to Congress Re SEC Appropriations for Fiscal Year 1999

Washington, DC, March 20, 1998 - On March 18 and 19, the Institute submitted a statement to the Subcommittee on Commerce, Justice, State and Judiciary of the House Committee on Appropriations and to the Subcommittee on Commerce, Justice, State, the Judiciary & Related Agencies of the Senate Committee on Appropriations, respectively. The statement expresses support for SEC funding at the level requested by Chairman Levitt for fiscal year 1999 ($341.1 million). The statement notes that adequate financial resources for the SEC are essential to continue effective regulatory oversight and support important investor protection and awareness initiatives, such as the upcoming "Facts on Saving and Investing Campaign." In addition, recent SEC initiatives regarding mutual fund disclosure practices will require more agency personnel and resources. Finally, adequate funding is needed for routine inspections of investment advisers and fund companies, as well as special investor protection projects, such as the Year 2000 conversion project.

Chairman Levitt testified before both committees.