We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,756)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (204)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (656)
  • Wink's Articles (265)
  • Wink's Inside Story (238)
  • Wink's Press Releases (99)
  • Blog Archives

  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • SEC Needs Additional Funds to Implement Dodd-Frank: Chairman

    February 14, 2013 by Sarah N. Lynch

    The top U.S. securities regulator will urge lawmakers on Thursday to boost its funding, saying a failure to increase the budget could hamper its ability to enforce new rules of the road for Wall Street.

    The Securities and Exchange Commission “does not yet have all the resources necessary to fully implement” the 2010 Dodd-Frank Wall Street reform law, SEC Chair Elisse Walter will tell the Senate Banking Committee, according to prepared remarks viewed by Reuters.

    “If the SEC does not receive additional resources, I believe that many of the issues to which the Dodd-Frank Act is directed will not be adequately addressed,” she added.

    The SEC and other financial regulators in recent years have been denied big budget boosts despite broad expansion of their responsibilities after the 2007-2009 financial crisis.

    Republican lawmakers in particular have stood in the way of funding hikes, using Congress’ appropriation authority to hinder stricter supervision of financial markets.

    The SEC’s latest plea for more money comes as federal agencies, including the SEC, face a budget cut due to “sequestration” — automatic across-the-board spending cuts put in place as part of a larger congressional budget fight. They are due to kick in March 1 unless lawmakers agree to an alternative.

    Walter does not explicitly mention concerns about sequestration in her prepared testimony, but the SEC and several other regulators that are slated to testify on Thursday could face questions about it during the hearing.

    In preliminary estimates last year of how sequestration would affect each government agency, the White House’s Office of Management and Budget said the SEC’s $1.321-billion budget could face a cut of $108 million.

    The Commodity Futures Trading Commission is also slated for a $17 million cut, while the Consumer Financial Protection Bureau faces a $34 million cut, according to the OMB document.

    Both the SEC and CFTC have their budgets appropriated by Congress, though the SEC’s is deficit neutral because the monies are matched through industry transaction fees.

    The CFPB is a government regulator that is funded by the Federal Reserve and does not receive congressional appropriations.

    Nevertheless, it is still on the sequestration chopping block along with some other non-government, industry-funded organizations like the Public Company Accounting Oversight Board and the Securities Investor Protection Corp.

    The head of the PCAOB told reporters on Wednesday that the federal government is wrong to target his non-profit corporation for sequestration and said the PCAOB may consider asking for a legal review of the matter from the Justice Department.

    An OMB official said Wednesday that the sequestration law reduces budget resources in all accounts unless they are exempted. The CFPB, PCAOB and SIPC’s accounts were not granted an exemption, and the PCAOB and SIPC have funds available through federal laws. That means their accounts can be sequestered, the official said.

    SILENCE FROM REGULATORS

    Walter said in her prepared testimony that President Barack Obama’s fiscal 2013 budget request of $1.566 billion for the SEC could help hire 676 new staff to help carry out exams and investigate wrongdoing. The agency also needs the money, she added, for technology upgrades.

    The SEC, CFTC and CFPB have all remained silent on how they are preparing in the event sequestration occurs, though Walter did say on Wednesday the agency is ready to work with the PCAOB if it is affected.

    The SEC denied a Freedom of Information Act request by Reuters in November 2012 for its for sequestration contingency plans, saying it was withholding a document because it was “predecisional” in nature and exempt from public disclosure under the FOIA law.

    A similar request made to the CFTC also came up empty, with the agency telling Reuters it had no responsive documents.

    The CFPB on Wednesday declined to comment, saying it would be premature because of ongoing discussions by Congress to avert the cuts.

    Spokesmen for the CFTC and SEC also declined to discuss how they might deal with sequestration if it comes to fruition.

    Originally Posted at Insurance Journal on February 14, 2013 by Sarah N. Lynch.

    Categories: Industry Articles
    currency