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When is the last time you heard a government official voluntarily cut his agency's budget?
Add Tom Grady to that list of rare birds.
Grady is a securities-law attorney and former state representative from Naples who was named commissioner of the Florida Office of Financial Regulation by Gov. Rick Scott earlier this year.
Speaking to money managers in Naples recently, the state's chief financial-services regulator says he plans to propose a 12% cut to his agency's budget to $36 million in the 2012-2013 fiscal year.
“We're proposing a voluntary cut in government,” Grady told a gathering of the CFA Society of Naples. “We want to adjust to a real world.”
That doesn't mean Grady's agency will be more lenient on enforcement issues. In fact, the agency's budget today is 48% greater than it was in 2003. Grady says the office has grown through “mission creep.”
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