SEC Triumphant – At Least Under Dodd-Frank Reform Act

Perhaps no government entity is more affected by the new financial regulatory reform act than the Securities and Exchange Commission. On Tuesday, SEC Chair Mary L. Schapiro, testifying before the House Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, pointed out that the new law “requires the SEC to promulgate a large number of new rules, create five new offices, and conduct multiple studies, many within one year.” She explained that the “importance and complexity of the rules coupled both with their timing and high volume and the rulewriting agenda currently pending will make the upcoming rulewriting process both logistically challenging and extremely labor intensive.” 

Schapiro also noted that the act requires the SEC “to hire an independent consultant to examine SEC internal operations, structure, funding, and the need for comprehensive reform.” She stated on Tuesday that SEC staff already have begun the initial work necessary to move forward with a formal procurement of the study, and that the SEC, to free up the funds needed to pay for the study, already has submitted a formal reprogramming request to the House and Senate Appropriations Committees for consideration.