House Appropriations Committee

Financial Services and General Government Subcommittee

Fiscal Year 2023 Budget Request for the Federal Trade Commission and the Securities and Exchange Commission

2358-C Rayburn
Wed, 18 May 2022 14:00:00 GMT

Hearing page

  • Gary Gensler, Chair, U.S. Securities and Exchange Commission
  • Lina Khan, Chair, Federal Trade Commission

The SEC requests $2.149 billion in support of 5,261 positions and 4,808 full-time equivalents. The SEC’s funding is deficit-neutral, with any amount appropriated to the agency offset by transaction fees. The SEC is charged with overseeing approximately $118 trillion in annual securities trading on U.S. equity markets and the activities of more than 29,000 registered entities.

The SEC has proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements.

To maintain its high level of performance in FY 2023, the Federal Trade Commission is requesting $490,000,000 and 1,440 FTE/a>. This is an overall increase of $139,000,000 and 300 FTE above the FTC’s annual CR level for FY 2022. The FTC’s Truth in Advertising regulations include the Green Guides which govern environmental advertising claims such as carbon footprints.