Word: sec
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...These declining figures are in contrast to the growing mountain of financial entities that need watching, including 12,750 companies that file securities, 10,800 registered investment advisers, 4,735 investment companies, and 6,000 broker/dealer firms, according to SEC figures...
...Early last year, Democratic Congressman Barney Frank of Massachusetts saw the opposing trends and wanted to add an extra $30 million to the kitty, while Sen. Jack Reed, a Rhode Island Democrat, and other Senators wanted to ante up another $50 million. This year, the House approved an SEC budget of $928 million, while the Senate approved $938 million, a 2% to 3% increase, which is greater than the 1% hike former chairman Christopher Cox requested from the 2008 budget of $906 million. The final budget, part of the government's "Continuing Resolutions," has yet to be approved...
...Even three former SEC chairmen, William Donaldson, Arthur Levitt and David Ruder have said that the SEC "lacks the money, manpower, and tools it needs to do its job," according to Senate documents in May of last year...
...never have enough people, but if you could bump up enforcement levels, say, 20%, it would make a huge difference," says Bruce Carton, former senior counsel in the SEC's Division of Enforcement, and editor of online securities enforcement publication, Securities Docket. "Tweaking policies won't replace more manpower and training," says Carton. "It's one thing to have more enforcement people on the ground, but they have to be trained to know what to look...
...regulatory organizations do not usually draw their authority directly from Congress, and may be financed by the industry they cover.) "FINRA's been tougher than its predecessors, but it still tends to focus more on outlying and smaller firms; it's been more deferential to the bigger players. At SEC, she has to clean house and needs truly aggressive prosecutors." (See who's to blame for the current financial crisis...