House Financial Services Committee Chairwoman Maxine Waters, D-Calif., stated on the House floor Wednesday that the current government shutdown is “jeopardizing the integrity” of the U.S. markets and hindering the Securities and Exchange Commission’s ability to “hold bad actors accountable.”
Waters made her statement on the House floor in support of H.R. 264, the Financial Services and General Government Appropriations Act of 2019, which would restore funding for federal government agencies, and allocate $1.6 billion to the SEC.
“This President has all but closed the doors of the SEC, furloughing 94% of the agency and essentially providing fraudsters and schemers with a free pass to swindle investors and small businesses,” Waters said in her remarks.
“With such a skeleton crew of less than 300 staff, the SEC cannot possibly oversee the activities of the over 26,000 registered entities, such as investment advisers, broker-dealers, and stock exchanges. Worse, the SEC is unable to hold bad actors accountable through most enforcement actions, preventing harmed investors from obtaining relief,” Waters stated.