The SEC has now been in place for 80 years (it was created in the Exchange Act, not the Securities Act of 1933). The Division of Enforcement was created in 1972. As bureaucracies age, they can sometimes become excessively beholden to the way “things have always been done.” The efforts by the Division to create speciality divisions and eliminate branch chiefs represented an effort to overcome this inclination. Perhaps the use of stats as a principle measure of productivity should likewise be reexamined.
‘Enforcement 40’ for 2020
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