Back in January, Sen. Charles Schumer of New York commented that he believed it made sense to physically move the staff of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) from Washington, DC to New York. He stated then that OCIE should be moved to New York because “it makes no sense to have cops who are patrolling their beat from hundreds of miles away.” He added that “at the same time, moving these functions to New York will improve the SEC’s ability to hire top professionals with the skills and experience to detect complex financial frauds” and that the SEC needs more “professionals in place who understand how markets work.”
In a Senate hearing last week, Sen. Schumer took that idea a step further, arguing that OCIE, the Enforcement Division, and… wait for it… the entire SEC should move to New York to be closer to the Wall Street firms:
