Monday, March 7, 2011
Dodd-Frank required the SEC to retain a consultant to conduct an internal review of the agency. The Boston Consulting Group was hired for the task, and today the media are reporting its preliminary findings (although I can't find the preliminary report on the SEC website). According to these reports, the study finds that the agency is short about 400 employees necessary to do its job. The report also criticizes the SEC's union, its seniority rules and grievance procedures. It also suggests that the agency should conduct greater oversight over FINRA.
The final report is due March 14.