Statement of Administration Policy: H.R. 1602 - Securities and Exchange Commission Authorization, Fiscal Years 1986 and 1987

(House)
(Wirth (D) Colorado and 1 other)

The Administration strongly opposes H.R. 1602 and urges that it be removed from the suspension calendar in order to delete the provision that would require the Securities and Exchange Commission to submit concurrently to the Congress any budget estimate or request that it submits to the President or OMB.

The Administration strongly objects to this provision, because it would serve to frustrate and inhibit discussion within the Executive branch and will partially remove the SEC's budget from Presidential control. In addition, a concurrent budget submission requirement would set a highly undesirable precedent that, if extended to other agencies, could undermine the systematic budgetary scheme envisioned by the Budget and Accounting Act of 1921.