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Securities commissioner defends small enforcement staff as House-amended bill raises fees about 20%
Summary
North Dakota Securities Commissioner Tim Karski testified before the Senate Appropriations Government Operations Division on the department’s 2025–27 budget, describing enforcement work, staffing gaps and a House amendment that would raise registration fees roughly 20 percent and add nearly $3.9 million in revenue.
Tim Karski, North Dakota securities commissioner, told the Senate Appropriations Government Operations Division that the state’s Securities Department is a small, revenue-generating regulator focused on investor protection and legitimate capital formation.
“The primary regulatory objective of the securities department are investor protection and the support of legitimate capital formation,” Commissioner Tim Karski said as he opened his testimony on House Bill 1011. He said the department has 10 full‑time employees and requested no new FTEs for the 2025–27 biennium.
Karski outlined the department’s 2025–27 budget request as $3,388,330, broken into $2,686,987 for salaries and wages and $643,171 for operating. He said current‑biennium revenues are on track to meet or exceed about $24 million and that the agency has historically returned large net deposits to the general fund. He described the department as a special‑fund…
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