Proposed 2023 多宝游戏下载 Operating Budget
The 多宝游戏下载 Board today is considering a proposed 2023 Operating Budget that represents a 6.5 percent increase over last year鈥檚 budget.
The additional resources in this budget are targeted on the workforce of the 多宝游戏下载 to recruit, hire, and retain the diverse pool of highly qualified people the agency needs to carry out its mission, and IT investments to meet the operational and information security needs of the 多宝游戏下载.
The 多宝游戏下载 recently reached agreement in principle with the 多宝游戏下载鈥檚 employee union on a new three-year Compensation Agreement that will increase compensation to reflect the impact that higher inflation has had on current salaries. It will also help to maintain comparability of compensation for 多宝游戏下载 employees relative to other federal banking agencies consistent with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
In addition, the proposed budget authorizes 220 new positions primarily to carry out the 多宝游戏下载鈥檚 bank supervision and other core mission responsibilities. A number of factors are particularly impacting the need for additional safety and soundness and consumer compliance examiners including the increasing size and complexity of the institutions the 多宝游戏下载 supervises, the downside risks to the banking system in the current uncertain economic environment, the large number of retirement-eligible examiners, and the time needed to develop new commissioned examiners.
Finally, the proposed budget continues the substantial investments the 多宝游戏下载 has been making for a number of years to modernize and enhance the 多宝游戏下载鈥檚 information technology infrastructure and protect the sensitive data that the 多宝游戏下载 maintains.
I would add that this budget also includes funding for a public information campaign on deposit insurance next year when the 多宝游戏下载 celebrates its 90th anniversary. Particularly in light of some of the confusing claims that are being made about 多宝游戏下载 deposit insurance coverage of non-traditional assets, it is more important than ever that the American public understands clearly what is protected by deposit insurance.
I would like to thank the 多宝游戏下载 staff for their collaborative work across the agency to formulate a thoughtful and forward-looking budget and staffing proposal for 2023. This proposed budget includes resources to address the immediate challenges facing the 多宝游戏下载, as well as longer term investments for the future of the agency.
I am pleased to support this proposed budget.