Senators press SEC chair on FY2026 budget, staffing losses and plan to absorb PCAOB duties

At a Senate Appropriations Subcommittee hearing on the Securities and Exchange Commission's fiscal 2026 budget request, subcommittee members pressed Paul Atkins, chairman of the Securities and Exchange Commission, on whether the agency has the staff and funding to sustain enforcement work and absorb the Public Company Accounting Oversight Board (PCAOB) function if Congress approves that change.

The SEC is requesting roughly $2.15 billion for fiscal 2026 to support its salaries and expenses account, Atkins told the panel: "I'm pleased to support President Trump's request of $2,149,000,000 for the SEC operations." Subcommittee members noted the agency's budget has been largely flat and that the SEC's appropriations are ultimately funded by transaction fees under Section 31 of the Exchange Act.

Why it matters: the committee framed the budget discussion around two linked questions: whether recent retirements and buyouts have materially weakened the agency's capacity…