Page:United States Statutes at Large Volume 124.djvu/1980

 124 STAT. 1954 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘SEC. 35. AUTHORIZATION OF APPROPRIATIONS. ‘‘In addition to any other funds authorized to be appropriated to the Commission, there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission— ‘‘(1) for fiscal year 2011, $1,300,000,000; ‘‘(2) for fiscal year 2012, $1,500,000,000; ‘‘(3) for fiscal year 2013, $1,750,000,000; ‘‘(4) for fiscal year 2014, $2,000,000,000; and ‘‘(5) for fiscal year 2015, $2,250,000,000.’’. (d) TRANSMITTAL OF BUDGET REQUESTS.— (1) AMENDMENT.—Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by adding at the end the following: ‘‘(m) TRANSMITTAL OF COMMISSION BUDGET REQUESTS.— ‘‘(1) BUDGET REQUIRED.—For fiscal year 2012, and each fiscal year thereafter, the Commission shall prepare and submit a budget to the President. Whenever the Commission submits a budget estimate or request to the President or the Office of Management and Budget, the Commission shall concurrently transmit copies of the estimate or request to the Committee on Appropriations of the Senate, the Committee on Appropria- tions of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representa- tives. ‘‘(2) SUBMISSION TO CONGRESS.—The President shall submit each budget submitted under paragraph (1) to Congress, in unaltered form, together with the annual budget for the Administration submitted by the President. ‘‘(3) CONTENTS.—The Commission shall include in each budget submitted under paragraph (1)— ‘‘(A) an itemization of the amount of funds necessary to carry out the functions of the Commission. ‘‘(B) an amount to be designated as contingency funding to be used by the Commission to address unanticipated needs; and ‘‘(C) a designation of any activities of the Commission for which multi-year budget authority would be suitable.’’. (2) BUDGET OF THE PRESIDENT.—For fiscal year 2012, and each fiscal year thereafter, the annual budget for the Adminis- tration submitted by the President to Congress shall reflect the amendments made by this section. (e) SECURITIES AND EXCHANGE COMMISSION RESERVE FUND.— (1) AMENDMENT.—Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by this Act, is amended by adding at the end the following: ‘‘(i) SECURITIES AND EXCHANGE COMMISSION RESERVE FUND.— ‘‘(1) RESERVE FUND ESTABLISHED.—There is established in the Treasury of the United States a separate fund, to be known as the ‘Securities and Exchange Commission Reserve Fund’ (referred to in this subsection as the ‘Reserve Fund’). ‘‘(2) RESERVE FUND AMOUNTS.— ‘‘(A) IN GENERAL.—Except as provided in subparagraph (B), any registration fees collected by the Commission under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act of 1940 15 USC 78ee note.