Excerpt from Reauthorizations for the Securities and Exchange Commission, 1994-95: Hearing Before the Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs; United States Senate; One Hundred Third Congress; July 29, 1993 The argument is, since other agencies or departments that also have important roles to fulfill, but don't collect fees, and so must rely upon the largess of the Congress, why should they be treated differently, or why should the sec be treated differently, merely because you have the benefit of collecting fees? Chairman levitt. I don't think any other agency in Government deals with the kind of dynamic movement that the sec does in terms of its relationship to our marketplace. Under this proposal, the sec is going to have the flexibility to respond to changes in the marketplace and workload demands by increasing its resources, both its staffing and its funding, if it relies upon fee collections. We've seen the explosive changes in this market. And under this proposal, our appropriations would depend upon what's going on out there. If there is an enormous influx of funds, as there has been, into the mutual fund and investment advisory industry, we're going to need those fees, and we're going to receive those fees under this proposal, in order to monitor that adequately. I think that the short answer to the question really is that the self-funding proposal gives us the kind of freedom and flexibility to respond to the needs of the marketplace. And that works both ways. If our markets turn downward, as periodically they will, that also will be reflected in this process. I don't think that there is any other regulatory body that deals as much as the sec with the kind of mechanisms that change mo ment by moment in terms of the flow of funds, the flow of investor activity, and the influx of new products that face by the securities industry - all points which you made in your introduction. Senator dodd. Let me ask any of your colleagues here if you'd care to comment to that question or the obviously related ques tion - well, let me leave it at that question. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.