The leaders of the Securities and Exchange Commission and Commodity Futures Trading Commission were pressed by lawmakers on Tuesday about their progress implementing new rules under the 2010 Dodd-Frank reform law.
Mary Jo White and Gary Gensler, chairmen of the SEC and CFTC, respectively, said funding issues are to blame for slow implementation of the Dodd-Frank Act. Both White and Gensler agree that Congress needs to appropriate the agencies more money to help them with the added workload from the Dodd-Frank reform law and the Jumpstart Our Business Startups Act.
"There's no question that additional resources are essential to our successful enforcement strategy," said White.
Gensler agreed, adding, "Our enforcement folks are only about 150 people, and unfortunately we're trying to make the best decisions. But often we have to delay justice because we don't have the right resources."
For the full piece see "SEC, CFTC Blame Funding Woes for Slow Dodd-Frank Implementation" (may require subscription).