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Originally published March 15, 2011 at 10:56 AM | Page modified March 15, 2011 at 11:01 AM

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Key Republican splits from leaders on SEC funding

A key House Republican is breaking from GOP leadership over how much money to cut from the Securities and Exchange Commission's budget next year.

The Associated Press

WASHINGTON —

A key House Republican is breaking from GOP leadership over how much money to cut from the Securities and Exchange Commission's budget next year.

Rep. Jo Ann Emerson, R-Mo., the chairwoman of the subcommittee that oversees SEC funding, says the $906 million recommended by Republican leaders could limit the agency's ability to meet its goals.

That would be equal to what the agency received in the 2008 budget year and down from its current $1.1 billion level.

Emerson declined to specify how much the agency should get for the budget year that begins Oct. 1.

SEC Chairman Mary Schapiro has asked for $1.4 billion, saying the agency's responsibilities have expanded under the financial regulatory law enacted last summer.

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