WASHINGTON — President Obama is proposing $1.26 billion of spending authority for the Securities and Exchange Commission in fiscal 2011, a 12% jump over the $1.11 billion that the administration projects Congress will make available to the SEC for the current fiscal year, which ends Sept. 30.

The request includes $24 million that is conditional on the passage of financial regulatory reform legislation. It would allow the SEC to boost its total number of full-time employees to 4,190 from 3,816, and would increase the size of the enforcement division by more than 10%, to 1,368 from 1,237, SEC officials said.

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