{"id":2989,"date":"2011-01-18T05:45:22","date_gmt":"2011-01-18T12:45:22","guid":{"rendered":"http:\/\/www.jasonapollovoss.local\/?p=2989"},"modified":"2018-08-15T20:46:18","modified_gmt":"2018-08-16T00:46:18","slug":"the-sec-is-still-understaffed","status":"publish","type":"post","link":"https:\/\/jasonapollovoss.com\/web\/2011\/01\/18\/the-sec-is-still-understaffed\/","title":{"rendered":"The SEC is still understaffed"},"content":{"rendered":"

Almost two years ago I said that the U.S. Securities and Exchange Commission was underfunded<\/a> and consequently, understaffed.\u00a0 The Wall Street Journal has a front page story that highlights this fact, entitled, “Deadlines Missed on Financial-Overhaul Rules<\/a>.”<\/span><\/p>\n

 <\/p>\n

Recall that last summer Congress passed a comprehensive reworking of the laws that govern the financial industry, popularly known as the Dodd-Frank law.\u00a0 The sweeping overhaul was very, very necessary for the long-term health of the United States’ economy.\u00a0 However, the implementation of the rules that are to provide the legal framework for industry and regulators to interact with one another has continuously been delayed.<\/span><\/p>\n

 <\/p>\n

The deadlines for drafting the rules are self-imposed by the various regulatory agencies.\u00a0 Technically the regulators have until the summer to fully draft and then implement the rules.\u00a0 Yet, they have postponed the deadlines on at least seven occasions.\u00a0 The delays are attributed to massive overwhelm due to being chronically understaffed.<\/span><\/p>\n

 <\/p>\n

In fact, the Wall Street Journal states, “…the political deadlock in Congress over spending has left the SEC and CFTC operating without budget increases that the agencies have said are essential to carrying out their growing responsibilities under the law.”\u00a0 In other words, the most critical regulations that stand between you and the frat boys that run Wall Street greedily is an unfunded mandate.\u00a0 Nice!<\/span><\/p>\n

 <\/p>\n

The SEC and the Commodities Futures Trading Commission have both asked for an increase in their budgets to hire hundreds of new employees to implement and enforce the Dodd-Frank law.\u00a0 I consider any delay in increasing the budget of the SEC and CFTC to be tantamount to capitalist treason.\u00a0 Capitalism relies upon trust for buyer and seller to transact.\u00a0 Without the new rules we are going to return to an environment where buyers (you and me) cannot trust sellers (Wall Street).\u00a0 No trust = no deals.<\/span><\/p>\n

 <\/p>\n

Unfortunately, the gridlock in Congress is something that I have been anticipating.\u00a0 Hopefully the Republicans and Democrats can find common ground on this issue.\u00a0 The alternative is the “wild-west” behaviors of the real estate bubble years.\u00a0 Yech<\/span>!<\/span><\/p>\n

 <\/p>\n

Jason<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Almost two years ago I said that the U.S. Securities and Exchange Commission was underfunded and consequently, understaffed.\u00a0 The Wall Street Journal has a front page story that highlights this fact, entitled, “Deadlines Missed on Financial-Overhaul Rules.”   Recall that last summer Congress passed a comprehensive reworking of the laws that govern the financial industry, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-2989","post","type-post","status-publish","format-standard","hentry","category-the-blog"],"_links":{"self":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/2989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/comments?post=2989"}],"version-history":[{"count":0,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/2989\/revisions"}],"wp:attachment":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media?parent=2989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/categories?post=2989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/tags?post=2989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}