The acting head of the Securities and Exchange Commission (SEC) has expanded the number of staff authorized to issue a formal order of investigation, perhaps a sign the agency intends to launch more cases under President Joe Biden.
Allison Herren Lee reversed a decision made under the Trump administration to limit the authority to issue such orders to two senior officials. With the move, approximately 36 senior officials in the Enforcement Division will have that power, according to a story in the Wall Street Journal. Issuing a formal order of investigation allows the agency to subpoena companies and individuals for records or testimony.
