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An Adequate SEC Budget is No 'Reward'

Bruce Carton | December 16, 2010

The consequences of the SEC's "close but no cigar" effort to become self-funded continue to mount. As I wrote here earlier this month,the SEC has already had to shelve its plan to open the new whistleblower office mandated by Dodd-Frank, an office that will be critical to its efforts to handle the expected crush of whistleblower tips. The whistleblower office was put on hold because the SEC's budget, which was slated to increase significantly under Dodd-Frank, remains frozen at FY2010 levels due to an impasse in Congress.

Now, the WSJ reports,the SEC has been forced to postpone testimony in some of its investigations and audits outside Washington, D.C. because the SEC won't pay the travel costs. Worse, it is unclear when this situation will be resolved as there is...

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