Accountant, Compliance, And Enforcement Staffing Act Of 2003
Madam Speaker, I rise today in support of H.R. 658, the Accountant, Compliance and Enforcement Staffing Act of 2003. This very critical legislation will allow the Securities and Exchange Commission to hire much-needed accountants,…
Madam Speaker, I rise today in support of H.R. 658, the Accountant, Compliance and Enforcement Staffing Act of 2003. This very critical legislation will allow the Securities and Exchange Commission to hire much-needed accountants, compliance examiners and economists outside of the bureaucratic and burdensome civil service hiring guidelines.
In fiscal year 2003, we increased the Securities and Exchange Commission's budget by 63 percent, largely to allow for an additional 800 professional staff members. On top of that, last year's supplemental appropriation bill provided $25 million to the SEC for the purpose of hiring 125 new accountants, examiners and economists. This increased funding was provided because the SEC desperately needs these professionals to enforce the Sarbanes-Oxley corporate accountability reforms, corporate accountability standards that were established by this body and standards that are very vital importance for investor protection. Yet, because of the bureaucratic civil service hiring guidelines, these positions have not yet been filled.
H.R. 658 does not set new precedent. Indeed, all FBI employees, as well as health care professionals at the Department of Defense, are exempt from civil service hiring standards. This is good, common sense legislation that will significantly help the Securities and Exchange Commission protect investors.
I commend the gentleman from Louisiana (Mr. Baker) for crafting this important and very timely bipartisan bill, and I urge my colleagues to join me in support.