Hon. Michael G. Oxley: “this no-cost, commonsense legislation will help the Securities and Exchange Commission carry out its critical mission of…”

“this no-cost, commonsense legislation will help the Securities and Exchange Commission carry out its critical mission of protecting investors and promoting capital formation and economic growth. With the passage of last year's corporate accountability legislation and a substantial budgetary increase, this year the understaffed SEC must hire over 800 new professionals--accountants, securities compliance examiners, and economists--in order to fulfill its regulatory obligations. In a troubling development, the Commission has had an extraordinarily difficult time hiring these accountants and other professionals responsible for monitoring compliance with the securities laws. Under current bureaucratic rules, it takes the Commission up to 6 months to hire a single accountant, examiner, or economist. Quite simply, this legislation will make it easier for the SEC to hire these professionals in an expeditious manner. That is good news for investors, and will help restore public confidence in the markets. It is strongly supported by both the union and management at the Commission.”