In his September 9, 2003 testimony before the Senate Committee on Banking, Housing and Urban Affairs, SEC Chairman William H. Donaldson stated that the SEC will be hiring 842 new staff members to perform enforcement and examination-related work. Chairman Donaldson attributed the ability to make these new hires to the February 20, 2003 Consolidated Appropriations Resolution, which provided the SEC with a fiscal year 2003 appropriation of $716 million, $278 million more than its fiscal 2002 appropriation.

He stated that the new staff will help implement the Sarbanes-Oxley Act, including the review of each registrant's financial statements every three years; enhance the Commision's ability to bring more investigations and complete them sooner; review investment advisers and investment companies more frequently, based on risk criteria; and conduct more broker-dealer branch-office examinations.