The Securities and Exchange Commission on Thursday approved a spending plan for the US audit watchdog that slashes its funding, shrinks its workforce, and scales back its enforcement arm.
Three GOP commissioners supported the $362.1 million plan that also halves the pay of the Public Company Accounting Oversight Board’s five members. The SEC oversees the Enron-era audit regulator and is poised to pick a new slate of board members.
The new budget represents a 9.4% reduction from the current spending plan adopted under the prior Democrat-led administration. But board officials argued at a December meeting that it marks a smaller ...