Ranking Member Hoyer Statement at Fiscal Year 2024 Budget Request for the U.S. Securities and Exchange Commission Hearing

Congressman Steny Hoyer (D-MD), Ranking Member of the Financial Services and General Government Subcommittee, delivered the following remarks at the Subcommittee's hearing on the fiscal year 2024 budget request for the Securities and Exchange Commission:

- As Prepared For Delivery -

Thank you, Mr. Chairman.

As we discussed in last week's hearing, the unrest surrounding Silicon Valley Bank and several others ought to remind us how important it is that our federal agencies receive the resources they need to safeguard and strengthen our economy.

The recent bank failures were not simply a product of inflation.

They came on the heels of the previous administration's effort to rollback many of the regulations we adopted after the 2008 financial crisis.

That reckless course of action left our economy vulnerable to these types of shocks.

We need to ensure that critical safeguards and high standards are in place in order to protect consumers and prevent the type of instability that led to the financial crisis in 2008.

Last week, Secretary Yellen made it clear that Congress must provide the funding necessary for the Treasury Department and other agencies to work together to prevent this economic unease.

The S.E.C. also plays a critical role in that mission.

Indeed, it is investigating Silicon Valley Bank's collapse as we speak.

From supporting cryptocurrency enforcement to promoting climate change disclosures, the S.E.C. is also working to address other emerging challenges facing our economy.

As a firm believer in the public's right to petition their government, I want to ensure that the S.E.C. is also providing robust opportunity for public input on its proposals.

Now more than ever, we must maintain the integrity of our markets, protect investors and consumers, and promote greater accountability in the financial sector.

We cannot let new shocks derail the economic momentum we've built in the last two years – especially at a time when many Americans are facing rising costs.

We cannot do that without a fully-funded, fully-equipped S.E.C.

That's why I believe we ought to execute on President Biden's budget proposal, which requests $2.436 billion for the S.E.C.

Like the rest of his budget, that funding is an investment in America's economic future.

Conversely, making any cuts to the S.E.C. and other agencies like it would only leave our economy more vulnerable to turmoil like what transpired with Silicon Valley Bank.

I'm pleased that S.E.C. Chair Gary Gensler is here with us today to discuss what Congress can do to ensure that the S.E.C. is able to fulfill its important responsibilities.

Thank you for speaking with us today.