The SEC hasn't gone so far as to take Sen. Charles Schumer up on his idea to move the entire agency to New York, but the head of its New York office, George Canellos, announced yesterday that his office will be expanding significantly in 2010 in an effort to crack down on hedge funds and brokerages.

At the Reuters Hedge Funds and Private Equity Summit in New York yesterday, Canellos said that the agency has secured the funds to do more hiring in that office, and plans to hire 18 people in enforcement and 15 people for its examinations staff, Reuters reports.  Presently the New York office has 150 people in enforcement and 210 in its examination group. Canellos said that the downturn on Wall Street has a bit of a silver lining for the SEC because it helps the agency hire experienced investment professionals, including former hedge fund traders, who might not ordinarily be in the market for a government position.