My favorite financial journalist, Teri Buhl, just sent me her notes from New York Senator Schumer’s press call. As follows (these are notes, mind you, not a polished article)
Wants to get legislation that all the fees the SEC collects from financial institutions go the SEC ( a novel ideal -did not that know doesn’t happen now) In 2007, they collected $1.5bn in fees and only got $881m. If passed this could increase budget by more than 75%. money now goes to a general regulation budget and get dispersed out. He wants them to self- fund like the FDIC is suppose to when it bills banks.
Chuck says – “the fight between Wall Street and the SEC isn’t fair because they don’t have enough money to hire/retain talent.” – Basically they need to spend more to get smarter people. Wow! Agovt offical admits you have to pay for talent.
He thinks if they get more money they will spend it on hiring talent ( is that ever wishful thinking) or[more likely] spend it on updating their drab offices and 1980’s computer system. [My money’s on redecorating the offices, $0 on new computers, lot$ on higher existing staff salaries, $0 on better talent – CF]
Chuck says – SEC’s Shaperio supports this move (I would hope so).