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Wondering what's going on with the financial regulation bill?

Business Week has a very good look at how the different regulatory agencies are gearing up for implementation. For instance:

The SEC expects to increase its budget by about 20 percent in the next fiscal year, to $1.2 billion, more than triple its size in 2000. Its staffing is expected to increase by more than 1,000 people, some 800 just to deal with the reforms, to about 4,700, a 36 percent jump from the head count in 2007, before the financial meltdown.

That should depress you a bit. The SEC was a mess in the run-up to the crisis. Their laxity was arguably one of the causes. But just as the crisis made some of the banks that failed bigger, it also made some of the regulators that failed bigger. But so it goes.

Also, what's going on in that illustration? Are those spiky, yellow monkey-things regulators? Banks?

By Ezra Klein  |  August 31, 2010; 10:29 AM ET
Categories:  Financial Regulation  
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Comments

"it also made some of the regulators that failed bigger"

Welcome to Washington!

Posted by: ostap666 | August 31, 2010 10:51 AM | Report abuse

Wow, the SEC is going to have 4,700 whole employees to regulate the largest corporate sector in the entire world with trillions of assets flying around? I live in a mid-sized county with more employees and they're serving less than half a million people.

Perhaps the issue in 2007 was the horrendous policy and political leadership that directed regulators to be asleep at at the wheel. Remember W? So government failed during a time when the very leadership directed it to do so... or is that a demonstration of government succeeding at following leadership?

I was also wondering if you had an article by Big Oil Weekly on the stunning environmental recovery of the Gulf?

Posted by: Jaycal | August 31, 2010 10:58 AM | Report abuse

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