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Washington, D.C.—The leader of the union representing some 2,000 employees of the Securities & Exchange Commission (SEC) today called Senate passage of H.R. 1088, legislation that paves the way for improved pay and benefits for SEC employees, “not just a well-deserved victory for employees” of this key financial regulatory agency, but “one that will benefit taxpayers as well.” The administration has indicated its intention to approve the legislation.

President Colleen M. Kelley of the National Treasury Employees Union (NTEU) said the SEC pay parity bill “will be of tremendous help” in making the agency competitive with private sector employers. In recent years, agency turnover, particularly among SEC attorneys, accountants and auditors, has been triple the level of similar federal agencies.

The NTEU leader, who cited the “invaluable assistance” of Sens. Paul Sarbanes (D-MD) and Tim Johnson (D-SD) among others in securing passage of the bill, noted that the idea of pay parity for SEC employees with other federal financial regulatory agencies had languished in Congress for more than a decade until after NTEU’s successful organizing campaign at the SEC more than a year ago.

“We are extremely pleased that, working with SEC employees, we were able to successfully achieve this long-sought goal,” President Kelley said. “This victory is proof that grassroots labor legislative action works.”

The legislation provides SEC employees with authority to bargain over pay and benefits. That step provides the expectation of pay parity with other federal agencies charged with similar responsibilities for oversight of the financial services industry. These agencies include the Federal Deposit Insurance Corporation (FDIC), where NTEU, as the employees’ representative, negotiates a collective bargaining agreement.

Like the FDIC and other agencies covered by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), SEC is funded entirely by the financial services industry. No taxpayer money is appropriated to the agency.

NTEU is the largest independent federal union, representing 150,000 employees in 25 agencies and departments.