As Congress readies to hold hearings on the Securities and Exchange Commission’s (SEC) budget this week, Bloomberg is reporting that the Boston Consulting Group’s (BCG) preliminary review of the SEC, which was mandated by the Dodd-Frank Act, has found that the securities regulator needs 400 more employees to manage its current workload.
A spokesperson for BCG says that the report, which entails a top-to-bottom analysis of the SEC, has yet to be finished and will be delivered to the SEC and members of Congress by March 14, as mandated by Dodd-Frank.
On Thursday, March 10, Rep. Steve Garrett, R-N.J., chairman of the House Financial Service Committee’s Subcommittee on Capital Markets and Government Sponsored Enterprises, and Sen. Jack Reed, D-R.I., chairman of the Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment will both hold early morning hearings on the SEC’s budget. The following week, on March 15, the House Appropriations Committee has scheduled its own hearing to dissect the agency’s budget.
“The next couple weeks are very important for the SEC,” says Stephen Crimmins, a former deputy chief litigator at the SEC who’s now a partner at K&L Gates in Washington.