Introduction The US Securities and Exchange Commission (SEC) is the US federal agency that holds the primary mandate to enforce federal securities laws and regulations to control the securities industry and the country’s stock exchange and regulation of all activities and organizations including the US electronic securities market. The SEC is committed to promoting a market environment that yields public trust characterized by integrity to attain its mission of protecting investors through maintenance of fair and efficient markets through facilitation of capital information (Basagne, 2010). The SEC financing is a major area of focus since there has been major concern regarding the SEC agency financing and whether they utilize the taxpayers’ money. This paper focuses on the Security and Exchanges Commission (SEC) budgeting and financing. The key point addressed is whether the SEC competes for funding with all other agencies for federal allocation or whether the agency has its own earmarked revenue which may lead to overspending by the entity with the protected source of funds. The SEC financing As it is set up, the SEC is a federal agency and obtains its capital from the Congress. The senate committee on appropriation is responsible for SEC budget allocation. SEC; common with other federal agencies benefits from the Treasury Appropriation Fund (Becker, 2012). Funding is for the agency is mainly from collection from the industry and other financial activities. Budget resources for the SEC include Funds from Dedicated Resources, the Reserved Fund, the Deposit Fund and the Miscellaneous Receipts Accounts. Funds from dedicated collections Most of the funds in budget spending for SEC through funds from dedicated collections. In this ca... ... middle of paper ... ... capital market, the SEC financing includes funds from dedicated collections, reserved fund, deposit fun and Miscellaneous Receipts Accounts. The agency’s financial statements are prepared in accordance with the general accepted accounting principles as per requirement for federal entities reporting requirement. The SEC does not actually compete for funding with all other uses of federal money or since it has its own earmarked revenues which may lead to overspending by the entity with the protected source of funds. To limit spending however, SEC reimburses excessive revenue to the Congress and does not spend without the authorization by the Congress and authorization for spending is controlled by the senate. Under its mission, SEC effectively protects the taxpayer and investors by maintaining fair, orderly and sustainable markets and facilitating capital formation.
... funds for future projects that are required in the area. This small enforcement can increase the reserve funds by $11,654.53 (Creel, 2011) dollars when fully collected.
The City of Rock Hill has multiple budgetary funds. They have reported up to nine individual governmental funds, which include General Fund, SW TIF Fund, Street Bond Fund, and Capital Projects Fund (City of Rock Hill 2013, 6). The city also maintains other funds that are combined into one single fund called “other governmental funds,” which makes it easier to budget (City of Rock Hill 2013, 6). Within the other governmental fund category are the Police Training Fund, Asset Forfeiture Fund, Sewer Lateral Fund, McKnight Crossing TIF Fund, and the NW TIF Fund (City of Rock Hill 2013, 51). All of these funds make up the City of Rock Hill’s major and nonmajor funds. According to Bland, the City of Rock Hill is following the proper procedures, when it comes to governmental budgeting. The City of Rock Hill follows the generally accepted accounting principles (GAAP), which Bland states help standardized the governmental accounting profession (Bland, 107). As a lot of the of funds mention by Bland have different titles than Rock Hill’s funds, they operate in the same way. The cities Capital Project Fund increased by $252,940, and the SW TIF fund increased by $89,354(City of Rock Hill 2013, 10). Overall the cities combined fund balance decreased 28% or $1,237,418 from 2012, which the city said they could spend at their discretion (City of Rock Hill 2013, 10).
...are accountable to a board of directors and shareholders and publish annual reports that are public record so to make sure there financial standards are on the up and up.
The outsourced administrative support company accused CFPB of the alleged accountability absence that violated the US Constitution. The Congress “interfered” with the consumer finance protection regulation that stirred additional legal charges against the CFPB. However, the specialty of CFPB as the only existing remedy against the financial crisis made it possible for the company to overrule the congressional interference and retain “accountability deficits” (Block-Lieb, 2012, p. 28). The present position shows the dubiousness of the CFPB that goes against the governmental regulations while secures the ability of the population to loan and be
nation is able to hide information about how the budget is used, it is probable
Federal spending is necessary for the economy and is essential to the accomplishment of national goals and advancement. This is why a budget is needed, however, there is no actual process mentioned in the Constitution that explains how Congress should do this. The Constitution states:
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s policies haven’t really been implemented to the extent that regulators would have liked. Although the legislation takes many steps in addressing systematic risks in the United States financial system and improving coordination among regulators, some critics believe that alternative options might have been more effective. The coming years will give us a better understanding of how well the Dodd-Frank Act addressed these concerns.
As a team, Congress is required to appeal to certain interest groups, who come together to achieve political goals. These groups promote and suggest different types of legislation. Likewise, Congress is responsible for all impeachment cases. Two-thirds of Congress members must find one guilty, in order for that person to be impeached. A major role of Congress is the apportioning of the country's money. They are responsible for approving or disproving the government's spending of money.
The Federal Open Market Committee, consisting of the seven members of the Board of Governors and five members elected by the Federal Reserve banks, is responsible for the determination of Federal Reserve Bank policy in the purchase and sale of securities on the open market. The Federal Advisory Council, whose role is purely advisory, consists of 12 members if they meet membership qualifications.
High Costs – In this particular it was noted that there was no policy or controls in place to control the excessive budgets of each department. With the decision by the Chairman of the National Banking Group to switch NCO to a profit center (Spector, 2013). Finvold, determined that cost-cutting measures were needed to control the center’s budgets and implementing procedures that all are to be approved by the CFO of NCO. Also, all departments must adhere to their set individual budgets.
To understand the purpose and role of the Federal Reserve System, we must first know the origin of the central bank of the United States. On December 23, 1913 President Woodrow Wilson signed The Federal Reserve Act. The primary purpose of the act was to make sure that a supply of money and credit would be available in the United States to meet banking demands by establishing Federal Reserve Banks which would hold the responsibility of supporting the credit structure during periods of financial strain. Other banks were expected to rely on the Federal Reserve for emergency cash and credit. Government and banking influence would select the management, primarily a board of directors chosen by banks. Supervision would be by the Federal Reserve Board. The intent in 1913 was to create eight to twelve centrally located district Federal Reserve Banks and national banks would be required to keep a part of their reserve with the Federal Reserve. The Federal Reserve would receive deposits from the government and receive deposits and lend to member banks only. It took almost a year to determine the boundaries of the decided twelve districts and establish the twelve Reserve Banks (one of the four components of the Federal Reserve). Named after the city in which they are located, the twelve Banks are Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
...hile it is important that the administrator monitor the amount of money spent and the amount of money to be spent, he/she is not responsible for the overall account of the budget. Most schools employ a secretary to handle the accounting duties. This person writes the checks, makes deposits, and balances the general ledger. They are also responsible for providing paperwork when audited.
This paper will serve as a discussion on the topic of investment banking. In this paper the author includes various articles and thoughts that help to understand the background and principle of investment banking. This discourse will attempt to address this issue through explaining what investment banking is, introducing major investment bankers, and how investment banking affects our globally economy. Investment Banking Defined Investopedia (2008) stated this definition about investment banking, “A specific division of banking related to the creation of capital for other companies. Investment banks underwrite new debt and equity securities for all types of corporations.
In 1934 the Securities Exchange Act created the SEC (Securities and Exchange Commission) in response to the stock market crash of 1929 and the Great Depression of the 1930s. It was created to protect U.S. investors against malpractice in securities and financial markets. The purpose of the SEC was and still is to carry out the mandates of the Securities Act of 1933: To protect investors and maintain the integrity of the securities market by amending the current laws, creating new laws and seeing to it that those laws are enforced.
For instance, banks often want basic financials to verify the a company can pay its debts, while the SEC required audited financial statements from all public