Senator Schumer Says SEC Should Relocate To NYC
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Senator Chuck Schumer does not think it makes sense that the Securities and Exchange Commission (SEC) is located in Washington D.C, hundreds of miles away from Wall Street.
The SEC came under attack yesterday as officials faced congressional hearings on ways to improve the SEC.
Senator Schumer said these SEC investigators and surveillance people should be yanked from their cozy and world of Washington, DC, and move to New York City. "At the same time, moving these functions to New York will improve the SEC's ability to hire top professionals with the skills and experience to detect complex financial frauds, said Schumer."
The NY Post reported Schumer said the SEC seems "stagnant and behind the times" and needs more "professionals in place who understand how markets work."
Schumer did say after the hearing that he will push to create a New York SEC office of Compliance, Inspections and Examinations.
The SEC came under attack yesterday as officials faced congressional hearings on ways to improve the SEC.
Senator Schumer said these SEC investigators and surveillance people should be yanked from their cozy and world of Washington, DC, and move to New York City. "At the same time, moving these functions to New York will improve the SEC's ability to hire top professionals with the skills and experience to detect complex financial frauds, said Schumer."
The NY Post reported Schumer said the SEC seems "stagnant and behind the times" and needs more "professionals in place who understand how markets work."
Schumer did say after the hearing that he will push to create a New York SEC office of Compliance, Inspections and Examinations.
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