Statecraft How to Budget for the SEC
21 snips
Jan 23, 2025 Diego Ruiz, former executive director of the SEC during the 2008 financial crisis, shares invaluable insights from his extensive experience in government affairs. He discusses the SEC's struggle to self-fund and the political dynamics during budget negotiations, emphasizing the pitfalls of resource constraints. Ruiz reflects on the agency's handling of the Bernie Madoff scandal and the challenges of staffing amid crises. He also speculates on the future of agency rulemaking, particularly in light of changing political landscapes.
AI Snips
Chapters
Transcript
Episode notes
Presidential Authority
- Agency heads work for the president, not Congress.
- Asking Congress for more money than the president requested can lead to dismissal, as a head of the Army Corps of Engineers learned.
Budget Requests
- Implicit budget requests should be handled by staff, not agency heads.
- Direct requests are more effective because appropriators want credit.
Earmarked Funds
- Earmarked funds can create budgetary challenges for agencies.
- It's difficult to spend earmarked funds effectively without knowing their future availability.