Due Diligence

With Budget Frozen, SEC Whistleblower Office And Advisory Panel On Hold


The new Republican Congress may find a way to block some Dodd-Frank measures after all--just starve the regulator of funds and it won't be able to do its job. The SEC says it does not believe it has the budget to implement the law without an increase in its funding and annouced that it will delay plans to set up its new whistleblower office as well as an investor-advisory panel, a new municipal securities office, an office to oversee credit raters and offices focused on investors and women and minorities, says a story in The Wall Street Journal. These offices are to be created under the Dodd-Frank regulatory reform legislation passed this summer. The GOP won control of the House of Representatives in the last elections. The SEC's budget, along with the rest of the federal government's budget, has been frozen at fiscal 2010 due to an impasse in Congress.

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