Proxy-access rule cost $2.5 million, SEC says

08/15/2011 | Bloomberg

Writing and defending the now-defunct proxy-access rule cost the Securities and Exchange Commission about $2.5 million, the agency told Congress. In a letter to House lawmakers, SEC Chairman Mary Schapiro defended the spending, which she said accounted for about a tenth of 1% of the agency's budget. "Writing rules to effectuate free and fair markets is a time-consuming, resource-intensive effort," she said.

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