SEC Awaits Congressional Approval to Create Offices Mandated Under Dodd-Frank, IG Says

The Securities and Exchange Commission Office of the Inspector General June 15 said the agency still has not established four offices required by the financial reform legislation because it is awaiting congressional approval to divert funds for the purpose.

The report—which was made publicly available the week of June 20—said SEC Chairman Mary Schapiro wrote in September 2010, and again in January, to chairmen of the Senate and House Appropriations Financial Services subcommittees and their ranking members to ask for approval to “reprogram” appropriated funds to create the Office of Credit Ratings, the Office of Municipal Securities, the Office ...