Clayton Stresses Staffing, Cybersecurity Needs in FY 2019 Budget Request

In testimony before committees of the U.S. House of Representatives, SEC Chairman Jay Clayton outlined the agency’s budget request for fiscal year 2019. The request of $1.658 billion is an increase above FY 2018’s enacted level of $1.652 billion. Among the priorities Chair Clayton outlined for 2019 were lifting a hiring freeze that has been in place since late 2016 and restoring 100 positions, approximately one-quarter of the positions that became vacant during the hiring freeze. The budget request would restore seven staff positions within the Division of Investment Management, 17 positions for the Division of Enforcement, and would allow the Division of Trading and Markets to hire 16 additional professionals. Chair Clayton testified that the agency’s cybersecurity program remains a top priority and the budget request would support investment in tools, technologies and services to protect the security of the agency’s network, systems and sensitive data and would also provide additional staff positions in that area.