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Funding Boost Proposed for SEC Enforcement

By Michael MacPhail, Esq.

The economic collapse and the Madoff scandal have demonstrated the inadequacy of our nation?s financial regulatory system.  Part of the problem consists of years of underfunding of the SEC.   Historically, the agency was tasked with overseeing a rapidly expanding market while lawmakers, in effect, cut its budget, which is less than that of the Smithsonian Institution.  Today, Senators Charles Schumer of New York and Richard Shelby of Alabama introduced new spending legislation intended to increase enforcement and detection of white-collar crime.  They propose adding $110 million to the budgets of the Justice Department, the SEC and the FBI.  Although the FBI would get most of the funds under the proposed legislation, known as the Supplemental Anti-Fraud Enforcement Markets Act, the SEC would receive $20 million to hire 100 new enforcement employees and the Justice Department would receive $10 million to hire 50 new Assistant U...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on January 22, 2009 (boomark / email).