Panel votes to give SEC more money

WASHINGTON - November 4, 2009 -- The House Financial Services Committee has voted to give federal regulators more power and money to police major players in the stock market.

The bill, approved 41-28, would give the Securities and Exchange Commission the ability to offer bounty money to tipsters on fraud cases and bar violators of the law from employment in any securities-related industry.

The measure also would double the SEC's budget in the next five years.

The proposal is part of a broader effort by the committee to tighten rules governing financial institutions after last year's market crisis. The full House was expected to vote on the bill and related proposals in early December. The Senate is still drafting its own legislation.

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