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BRIEFLY

Securities

July 30, 1993|From Times Staff and Wire Reports

New SEC Chairman Asks for More Money: To keep up with explosive growth in the finance industry, additional inspectors are needed, Arthur Levitt Jr. told a Senate subcommittee. The Securities and Exchange Commission chairman asked for $281.9 million for fiscal 1994. The Clinton Administration had proposed $255.4 million. Levitt said the extra money was needed to pay for SEC inspections of financial planners. Between 1981 and 1993, the number of such advisers increased from 5,100 to 18,000. Levitt also urged Congress to give the SEC authority to keep some fees it collects from Wall Street to pay for its operations.

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