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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInTrump budget threatens SEC’s technology spending — FT
The Trump administration is planning to eliminate a part of the Securities and Exchange Commission budget that the regulator has been using to build tools for identifying insider traders and pursuing enforcement actions. A line item buried in the proposed budget released by the White House last week would scrap a $50m annual “Reserve Fund” […]
Why white-collar crooks may be cheering this Jeff Sessions memo — Yahoo Finance
Late last week, President Donald Trump’s budget blueprint was released. Among many other headline-grabbing cuts—the EPA, Meals on Wheels, climate change funding, legal aid for low-income households, and on, and on, and on—it also included a less-noticed $1.1 billion, or 4%, cut to the Department of Justice. The DOJ, of course, includes two divisions of […]
SEC Enforcement Arm Braces for Cutbacks – Barron’s
Already, the department has halted non-essential travel and the hiring of outside contractors who help in-house lawyers with cases, sources tell the publication. The enforcement department faces significant spending cuts in President Donald Trump’s proposed budget. “We’re already seeing a quieter enforcement regime,” Emory University law professor Urska Velikonja tells Bloomberg. “The number of enforcement […]
Congress to SEC: You’ll get nothing and like it | Compliance Week
The SEC, like Spalding Smails in this classic scene from Caddyshack, understandably wants some things. Not “a hamburger, a cheeseburger, a hotdog” but, rather, enhanced technology, more examiners, additional experts on staff, and so on. But lately, without fail, Congress invokes its inner Judge Smails to tell the SEC the same thing each year: “You’ll […]
Same Old, Same Old With SEC Budget Process | Compliance Week
Yesterday, the House Appropriations Committee approved a fiscal year 2016 Financial Services Appropriations bill that is eerily similar to the bill Congress passed four years ago — both bills appropriate $222 million less than the SEC requested, freeze the SEC’s budget at the prior year’s level, and prohibit the SEC from drawing upon an important […]
SEC’s White Squares Off With Senate Committee Over FY 2016 Budget | Compliance Week
This week, SEC Chair Mary Jo White appeared before a skeptical Senate Appropriations Committee in support of the agency’s request for $1.722 billion in FY 2016 — a 15 percent increase over the SEC’s budget in FY 2015. via SEC’s White Squares Off With Senate Committee Over FY 2016 Budget | Compliance Week
Ceresney Testifies on Enforcement’s Budgetary Needs and Performance | Compliance Week
In his testimony last week, SEC Enforcement Director Andrew Ceresney provided Congress with details on how the Enforcement Division would use a proposed increase in the SEC’s budget for FY 2016, and presented an update on the recent work of his Division. via Ceresney Testifies on Enforcement’s Budgetary Needs and Performance | Compliance Week
SEC Chair White Testifies for FY 2015 Budget, Details Enforcement Initiatives – Compliance Week
Yesterday, SEC Chair Mary Jo White offered detailed testimony on why the SEC needs the $1.7 billion proposed in President Obama’s fiscal year 2015 budget request. She laid out a list of initiatives in the enforcement area, including the need to “keep pace with today’s high-tech, high-speed markets.” via SEC Chair White Testifies for FY […]
President Requests SEC Budget of $1.7B for FY 2015, But Will Congress Go Along? – Compliance Week
Yesterday, President Barack Obama proposed a fiscal year 2015 budget of $1.7 billion for the Securities and Exchange Commission–a 26% increase over the agency’s FY 2014 budget. The fact that the president is seeking $1.7 billion for the SEC is hardly the end of the agency’s budget story for FY 2015, however. via President Requests […]
SEC Chief Says Agency Is Badly Underfunded — The Fiscal Times
In a speech at an agency conference, Securities and Exchange Commission Chairman Mary Jo White said that at a time when new laws and regulations have increased her agency’s responsibilities, “our funding falls significantly short of the level we need to fulfill our mission to investors, companies, and the markets.” “As Chair, I owe a […]