Although the SEC's budget is covered by fees it imposes on the industry, Congress still must approve the SEC's annual spending.
"I have heard estimates that you have spent as much as $10 million on something that you could have done internally through the office of the chief operating officer," Garrett said. "This type of blatant example of millions of dollars wasted, I find it difficult to sympathize with your request for millions of dollars of additional taxpayer money year after year."
When asked to explain why the SEC was scaling back implementing the reforms from the Boston Consulting Group's report, Schapiro reminded lawmakers that the estimated cost to complete the reforms was between $45 million and $50 million.
"We don't have that kind of money to spend on this," she said, adding that the SEC will instead take incremental steps to get it done.
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