Securities and exchange commission
The Securities and Exchange Commission (SEC) was created during the Great Depression to protect the interests of investors. Its’ 4,000 employees oversee nearly 12,000 investment counselors, 10,000 mutual funds and 4,500 brokerage firms. Many people think the SEC has not been very effective in doing its job of making rules, preventing fraud and maintaining fair and orderly markets. The SEC has been plagued by problems and mistakes such as conflict-of-interest questions in its general counsel’s office, and its record of almost never taking violators to court. In defense of its record, the SEC says it annually reviews many thousands of financial statements and corporate disclosures each year. It claims its lawyers go up against corporations that spend more on lawyers’ fees than the SEC’s entire annual budget. Critics say the often-close relationships this regulatory agency shares with the companies it regulates hinder effective enforcement. Nearly 5 years after Congress ordered the SEC to formulate rules to make it easier to recover unearned pay from executives of companies accused of wrongdoing, these rules have yet to be written. Detractors claim the penalties the SEC levies against companies are not an effective deterrent and that criminal convictions against the executives of these companies are extremely rare.

Pending Legislation:
H.R.1463 - SEC Revolving Door Restriction Act of 2015

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Poll Opening Date
May 21, 2020
Poll Closing Date
May 27, 2020

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