NEW YORK (CNNMoney) - The Securities and Exchange Commission is so cash-strapped that it has delayed key parts of the financial reform bill passed last year by Congress - and is curtailing some of its normal operations.
The Dodd-Frank Wall Street reform law gave the SEC lots of new responsibilities, including the regulation of complex derivatives and asset-backed securities. And it expected Congress to pay for it - projecting that SEC funding would need to double to about $2.25 billion by 2015.
Well, I think we all know what the GOP's answer to this will be. They can't repeal the regulations and destroy the SEC outright in order to deregulate it, so they'll refuse to fund it in order to deregulate it. Simple. You know, because we clearly do not need any oversight whatsoever of the derivatives and hedge funds markets...they blew up the economy in 2007 not because they were engaged in dangerous gambling shenanigans leveraged on improperly underwritten securities insurance and passing the risk via hot potato credit default swaps...oh no...it all collapsed because the gov't was interfering too much. It would be laughable if that kind of lunacy wasn't so dangerously and so clearly designed to trick people into supporting policies that accelerate the exponential widening of the wealth gap and sucking of the middle-class dry. So yeah, please us crazy liberals for wanting the government and the vast majority of people to whom it is beholden to control the government...clearly it was supposed to be giant corporate interests and the filthy rich to whom they are all beholden and responsive to. In fact, who said wwe need a government anyway? Why not just form a councilof the top X number of giant firms and let them tell everyone what to do? THAT would be a study in efficiency: after all, the GOP and many Dems have, over the past century, just become nothing more than the middle men for corporations and the rich anyway. So I say go for it, GOPers...destroy the SEC and any hope we have of reining in Wall Street's abuses and irresponsible risk taking. Nothing works better at forcing the middle-class to accept decades and decades of stagnant wages and forced reliance on consumer debt vehicles than some good old fashioned cyclical recessions anyway.
Of course it's starved for funds. Do you really think that the people who run this country are going to fund the very organization that was set up to regulate them. Just another example of how the Corptocracy as taken control of the Republic. We have only ourselves to blame
dodd and frank ... go together like fannie and freddie....
Nix all the new regulations and you won't need the funds. In the end anything written by Franks and Dodd have turned out to be huge sink holes for money. Both men are so corrupt that Cox finally could not run for re-election and they continue to write financial reguations – what a joke.