As I noted here in my running account of the Senate Banking Committee hearing in the Madoff case, Sen. Chuck Schumer made a brief comment yesterday about physically moving the staff of the SEC’s Office of Compliance, Inspections and Examinations from Washington, DC to New York that is worth keeping an eye on.
As further discussed today in the NY Post, Sen. Schumer, who represents New York, said 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.”
