And they said it couldn't be done!
The head of the Securities and Exchange Commission said Tuesday that the agency will have to shift resources from other “equally deserving areas“ to approve rules from sweeping bank reform legislation.
“We are resource constrained at the SEC,” said Chairman Mary Schapiro. “While we will meet our deadlines, we will be shifting resources from other areas that are deeply deserving of our time and attention right now.”
She noted that the agency has roughly 105 rules to write, 20 studies to write and five offices to staff based on the Dodd-Frank statute. She added that it is an “enormous burden,” adding that the agency has an agenda of issues unrelated to Dodd-Frank that the agency was already engaged in, including reforms to market structure in response to the flash-crash. Schapiro added that the most enormous challenges are in areas where the SEC has never regulated before, such as new reporting and oversight rules for trillions of dollars in securities-based over-the-counter derivatives.