|
 |
SEC Can't Hire Accountants Fast Enough; $103M Left Unspent July 25, 2003 (SmartPros) The Securities and Exchange Commission said it won't spend about $103 million of its record $716 million budget because it can't hire accountants and other staff fast enough. In response to the Enron, WorldCom and other accounting failures, Congress approved a huge budget boost last year to accommodate the SEC with its increased workload. Then in June 2003, new legislation enabled the SEC to quickly hire more staff by bypassing regular civil service rules.
"The passage of this legislation ... will help the (SEC) continue its efforts aimed at increasing investor protection and restoring confidence in our markets," SEC Chairman William Donaldson said then.
The unspent amount accounts for about one-third of the increased budget.
2003 SmartPros Ltd. All rights reserved.
|
|
|
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
