![]() ![]() ![]() White said it still has a chance, however: "It is a hard, complex rule-making but lots of progress is being made." The Volcker Rule has appeared to be the most embattled of the laws the SEC has had to handle, as it's been mired in red tape and legislative obesity it rounds out at 300 pages. White said the Jobs Act regulations are the ones "we are devoting maximum resources to". White also indicated that the SEC, currently trying to implement a batch of new regulations, would fall behind if the debt debate is not resolved in Washington. Nonetheless, the House Financial Services Committee strongly criticized the SEC for using its money inefficiently.įour years after the financial crisis, regulators, including White's agency and Bharara's office at the Justice Department, have pursued high-profile cases of financial wrongdoing, in some cases using expensive wiretap methods usually limited to investigating the mob. "The SEC's current level of resources still presents significant challenges as we seek to keep pace with the increasing size and complexity of the securities markets and fulfill our broad mandates and responsibilities." White told lawmakers earlier this year that the SEC's budget is "deficit-neutral," which would mean that there would be point in subjecting it to the congressional scythe as House Republicans look to shave dollars off the budget. As part of the 2014 budget, the SEC is requesting a 23% increase in its funding, with the final price tag of $1.67bn for the year. According to White's prior testimonies, the current SEC budget of $1.32bn is insufficient to enforce all of the regulations that fall under its scope. One of her first requests as chair of the SEC was a bigger budget for the embattled regulator. Among the regulations enforced by the SEC are the Volcker rule, the Jumpstart Our Business Startups (Jobs) Act and the Dodd-Frank Act, which gave the agency oversight of over-the-counter derivatives, hedge funds and other private fund advisors. White came into the SEC a few months ago, amid some skepticism about her past as a Wall Street lawyer. If we can't implement those rules, enforce those rules, you can see how the rest of the story is written."īharara said that failure in Washington would reduce accountability and hurt his office.īharara, dubbed " the sheriff of Wall Street", has been an aggressive enemy to Wall Street wrongdoers, pursuing cases against prominent firms and their employees, including those of JP Morgan and hedge fund SAC Capital. "I mean, we have a lot of rules, we have rules on the over-the-counter derivatives market. "It would mean that we can't carry out our responsibilities – pure and simple," said White, speaking at the Bloomberg 50 Markets Summit. The Securities and Exchange Commission chairman, Mary Jo White, and the US attorney for the southern Manhattan, Preet Bharara, have teamed up on several high-profile indictments in recent months, and both said today the debt ceiling and budget negotiations threaten their regulatory finances. ![]()
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