Politics

Wall Street Regulator Seeks $291 Million for New Headquarters

SEC Chairwoman Mary Jo White to testify before House panel on Tuesday

Securities and Exchange Commission Chairwoman Mary Jo White will testify at a House Financial Services Committee hearing on Tuesday. (Tom Williams/CQ Roll Call file photo)

The House Financial Services Committee says it will examine the Securities and Exchange Commission’s plans for a new $291 million headquarters and other aspects of the agency’s operations in a hearing set for Tuesday.

The agency sent the committee a fiscal 2018 budget request indicating it would seek $2.23 billion, a 30 percent increase above its fiscal 2017 budget request. The Wall Street regulator’s fiscal 2016 budget was $1.605 billion, which was extended to early December via the continuing resolution passed in September.

SEC Chairwoman Mary Jo White, who will testify Tuesday, has submitted a fiscal 2018 budget to the committee seeking $446 million more than the fiscal 2017 request and $622 million higher than the fiscal 2016 enacted budget, according to a memo from the House Financial Services Committee. 

 “The FY 2018 request includes building costs associated with a new headquarters lease, currently estimated by the General Services Administration to be $291 million, if the SEC were to relocate to a new facility,” says the memo.

The agency has seen its workload increase due to enforcement and rule-writing requirements from the 2010 Dodd-Frank financial overhaul. It had sought an 11 percent budget increase for fiscal 2017, but Senate appropriators instead approved a flat budget, and the House passed one with a 3 percent cut.

The SEC employs about 5,000 people and its current headquarters are at 100 F St. NE in Washington.

SEC officials were not immediately available for comment.

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