Report: SEC resources, staffing don't match workload

General Accounting Office Comptroller General David Walker told the Senate Banking Committee Tuesday that he believes the Securities and Exchange Commission's resources and staffing levels have failed to keep pace with the agency's growing caseload.

Walker told the committee at a hearing on accounting standards that a number of important an "interrelated systemic issues" had been raised by Enron's collapse and by other recent earnings misstatements and business failures.

In report released Tuesday, "SEC Operations: Increased Workload Creates Challenges" (GAO-02-302), GAO concluded that there was "a growing mismatch between the SEC's responsibilities and resources."

Those resources are not just financial, but are "human as well as technological capabilities" as well, Walker said.

Walker recommended a "comprehensive and integrated plan to address these matters, focusing on value and risk."

GAO determined that the SEC's personnel challenges are of particular importance, he added, given the high turnover rates at the agency.

Walker also said it was "critically important" that the SEC have "a strong and effective and credible enforcement function," which includes criminal as well as the civil penalties on which the program is now largely based.

President Bush's fiscal 2003 budget calls for a 6.6 percent funding increase at the SEC, to $466.9 million, but would not provide enough funding for additional staff. It would allocate enough for a modest raise to boost SEC salaries to be more aligned with salaries at other government agencies.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    Download
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    Download
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    Download
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    Download
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    Download
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    Download
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    Download

When you download a report, your information may be shared with the underwriters of that document.