Securities and Exchange Commission Chairman Jay Clayton is making his first appearance today before a congressional committee, urging Congress to approve a budget for fiscal 2018 that is on par with current funding levels. "The $240 million that the SEC plans to spend on information technology in FY 2018 is quite modest, by way of comparison, to the amounts that the major Wall Street firms spend on their own information technology systems," Clayton said in prepared testimony before a U.S. Senate appropriations subcommittee. The SEC is asking Congress to keep its budget flat at about $1.6 billion, the same amount that White House also proposed in May. Read the original story from The New York Times.