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Lawmakers press SEC chairman on staff reductions; chairman says departures were voluntary and enforcement headcount is down 15%
Summary
Members of Congress pressed SEC Chairman Paul Atkins about recent headcount reductions. Atkins told the panel roughly 600 employees left via voluntary retirement programs, representing roughly a 15% reduction in overall staff and about a 15% decline in the enforcement division's headcount, and he said the agency is reviewing staffing needs.
Members of the House appropriations subcommittee pressed Securities and Exchange Commission Chairman Paul Atkins over recent staffing reductions and what they mean for enforcement capacity.
Ranking Member Steny Hoyer and other lawmakers raised concerns that cuts concentrated in enforcement could weaken the SEC's ability to police fraud and insider trading. "The SEC ought to address the current mistrust and fraud in our markets by better protecting investors and improving enforcement,"…
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