"How is it also that the agency that's in charge, and needs to be in charge of regulating our financial markets, can't even produce an accurate financial statement of their own since 2004, in spite of the fact that since 2001 we've increased their budget by 153 percent?" Emerson asked.

She also noted that the SEC has been sloppy in managing the space it leases for its employees and over-leased space, wasting money. Emerson suggested that the SEC may have enough money, but is not using it wisely.

Rep. Scott GarrettScott GarrettOvernight Finance: Trump expected to pick Steven Mnuchin for Treasury | Budget chair up for grabs | Trump team gets deal on Carrier jobs New House GOP campaign chairman starts with a lead How the election could reshape key finance, banking committees MORE (R-N.J.) added that Frank's amendment would pull money from General Services Administration, which could have unforeseen consequences.

Like many other amendments being discussed Thursday, Frank's SEC amendment is likely headed for a voice vote by day's end.