(wire)
Schapiro: SEC needs to add 800 employees
Speaking before a Congressional panel this week, Securities and Exchange Commission Chairman Mary Schapiro said that her agency is preparing to take on the multiple new tasks and responsibilities managed by the newly signed regulatory reform bill.
She said that the agency would need to add 800 new positions in order to fulfill the obligations emanating from the new bill.
The White House has already proposed boosting the SEC's budget by 12 percent to $1.258 billion in fiscal year 2011. Under the current budget, the regulator could hire an additional 374 employees.
The SEC will shoulder a large portion of the responsibility stemming from the new legislation, with 124 new activities, including 17 studies need to implement the bill, according to the Securities Industry and Financial Markets Association.
She said that the agency would need to add 800 new positions in order to fulfill the obligations emanating from the new bill.
The White House has already proposed boosting the SEC's budget by 12 percent to $1.258 billion in fiscal year 2011. Under the current budget, the regulator could hire an additional 374 employees.
The SEC will shoulder a large portion of the responsibility stemming from the new legislation, with 124 new activities, including 17 studies need to implement the bill, according to the Securities Industry and Financial Markets Association.
