????最近，國會決定證券交易委員會的預算，費用由證券交易來確定以填補成本（因此納稅人不需承擔費用）。但耐斯特表示，即使預算有所增長，從4月份開始，這些華爾街企業(yè)支付的費率將會比2000年的水平還要低。具有諷刺意味的是，國會并沒有為證券交易委員會提供全部所需資金，這實際上是在鼓勵那些肆意妄為的公司。（耐斯特表示，相比2000年，公司注冊費率同樣要低很多，而且公司注冊費率直接進入國庫，尚不能為證券交易委員會所用。）

????如果證券交易委員會能夠獲準自主決定資金需求，就可以對費用結(jié)構(gòu)進行設計，對那些會給證券市場帶來更多風險的問題企業(yè)征收大公司注冊費。因為證券交易委員會需要對這些企業(yè)進行額外的監(jiān)管和訴訟，它們應該為此買單。如果證券交易委員會所需的資金正在籌措或者預計能夠籌措到，那么監(jiān)管者就不能再以資金短缺作為工作不力的借口了。

????如果證券交易委員會不愿意執(zhí)行這些補救辦法，就該重新考慮美國俄亥俄州參議員夏羅德?布朗2010年的提議，分拆那些屢次違規(guī)的大規(guī)模公司。大型銀行不僅因為規(guī)模過大而難以遵守法規(guī)制約，同時也不利于監(jiān)管。

????埃莉諾?布羅斯罕為董事會咨詢機構(gòu)價值聯(lián)盟及公司治理聯(lián)盟首席執(zhí)行官。

????譯者：李玫曉/汪皓

????Currently, Congress determines the SEC's budget -- and then fees are set on securities transactions to cover those costs (so taxpayers never pick up the tab). But even with an increase, beginning in April, Wall Street firms (who continue to tax the regulator's resources) will pay a significantly lower rate than they had to pay in 2000, Nester says. The irony is that by not fully funding the SEC, Congress is rewarding the very firms that continue to operate with abandon. (Corporate registration fee rates, which are also significantly lower than in 2000, don't currently even fund SEC activities but instead go to the Treasury, Nester says.)

????If the SEC were allowed to determine its own funding requirements, the fee structure could be designed to impose larger corporate registration fees on problematic firms that pose a greater risk to the securities markets, ensuring that firms that demand additional oversight and litigation pay for the extra burden they create. Ongoing, predictable funding at the level the SEC says it needs would also eliminate the regulator's excuse that it lacks sufficient funds to do its job well.

????If the will does not exist to implement these remedies, it is time to reconsider a break-up of the enormous repeat offenders, as U.S. Senator Sherrod Brown of Ohio proposed in 2010. It means that at least some of the large banks are not only too big to behave, they are also simply too big to be overseen.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance .