Congressional negotiators are completing secretive work on a budget compromise. That means the Securities and Exchange Commission along with other federal agencies will soon begin receiving clearer signals about what resources they can count on. Even a best-case scenario doesn’t amount to much. But I’ll make an argument on behalf of the SEC, a government office everybody likes to kick around. First, a reality check. Even if the SEC receives all of the $1.7 billion President Barack Obama requested, it will be only once in seven years that the agency gets around to examining every investment adviser it regulates. ... (full story)