Washington (Feb. 4, 2003) -- The Bush administration wants to give the Securities and Exchange commission a giant booster shot of funding -- seeking to nearly double the regulator's 2004 budget to $842 million, Dow Jones reported.

The additional funding would be earmarked toward hiring more accountants, attorneys and examiners as well as upgrade computer systems for Edgar - the agency's online analysis and data retrieval system.

Edgar upgrades would include a Web-based site for corporate filers and a new system to disseminate the information to investors, according to the Bush budget.

Bush's budget also allocates $282 million to combat fraud in fiscal 2004, up from $164 million in fiscal 2002. The administration's budget projects the SEC will open 525 investigations in fiscal 2003, versus roughly 500 in fiscal 2003.

  • Electronic Accountant Newswire staff

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