Senate Republicans want the SEC to explain why staff are leaving the nation's corporate watchdog at the highest rate in 10 years amid a flurry of proposed rules, according to a letter seen by Reuters on Sunday.
The private letter dated Oct. 27 from Senate Republicans to the chair of the Securities and Exchange Commission, Gary Gensler, adds to mounting criticism that the U.S. regulator lacks the internal firepower it needs to accomplish its ambitious rulemaking plans.
Republicans have claimed he has overstepped his authority and adopted a hostile stance toward the financial industry. posted on the SEC's website from the Office of the Inspector General, the SEC's own internal watchdog, detailing staff attrition and reports of discontent. Staff feared an increased risk of litigation because of shortened industry comment periods, the report said.
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