U.S. Sen Schumer to propose self-funding for SEC

WASHINGTON, Sept 3 (Reuters) - The U.S. Securities and Exchange Commission should be funded from fees it charges, not from appropriations by Congress, said a key lawmaker on Thursday who plans to introduce legislation along those lines.

Democratic Senator Charles Schumer told reporters on a conference call that he will make his proposal next week.

“A major part of the SEC’s problem is that its annual budget is lacking in resources,” said Schumer, a senior member of the banking committee that oversees the SEC.

“I am proposing that we fundamentally alter the way the SEC is funded ... I am introducing legislation next week, when we get back to Washington, so the SEC can use fees from institutions it regulates to fund its necessary operations.” (Reporting by Kevin Drawbaugh; Editing by James Dalgleish)