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?
August 31, 2010; 10:29 AM ET
Categories: Financial Regulation
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