Much-Watched SEC Pay Measure Approved

President Bush has signed into law a measure allowing the Securities and Exchange Commission greater leeway in setting salaries for its employees, a measure that might set precedent for other agencies that are complaining that the federal salary structure is too restrictive and is hurting their recruitment and retention. The way the SEC authority got approved may be an important lesson in itself: the agency made its case to Congress and enlisted the support of several key members on committees that oversee its budget and operations. Even at that, the effort took nearly a year to be translated into law. When any SEC employees actually start receiving more pay remains uncertain; negotiations will have to be held first with the National Treasury Employees Union, which represents about 2,000 agency workers.