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The following is an edited version of testimony by Securities and Exchange Commission Chairwoman Mary Jo White May 5 before the Senate Appropriations Subcommittee on Financial Services and General Government.
Understanding the growth in the size and complexity of the [SEC’s] responsibilities with regard to market participants and investment products is critical to assessing the agency’s funding needs. From fiscal 2001 to the start of this fiscal year:
- Assets under management of SEC-registered investment advisers increased approximately 254% from $17.5 trillion to approximately $62 trillion.
- Assets under management of mutual funds grew by 143% from $6.4 trillion to $15.6 trillion.
- Annual trading volume in the equity markets more than doubled to in excess of $67 trillion.
During this same period, the SEC’s priorities have also dramatically increased, adding or expanding jurisdiction over securities-based swaps, private fund advisers, credit rating agencies, municipal advisers and clearing agencies, among others. Improvements to technology and operations have made the agency more efficient and effective, but to continue to meet our mission, we must be able to keep pace with the growing size and complexity of our markets and the entities participating in them.
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