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Reforming the Securities and Exchange Commission

The U.S. Securities and Exchange Commission (the โ€œCommissionโ€ or the โ€œSECโ€) is the most important regulator of U.S. capital markets. Its budget has increased by 82 percent over 10 years. But these resources have flowed into unnecessary management, โ€œsupport,โ€ and ancillary functions, while core functions have been neglected. Its organizational structure is unwieldy. It is management-heavy and highly bureaucratized. The number of direct reports to the Chairman needs to be reduced. Its ...
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