SEC Needs 800 New Hires To Handle Reform: Chair

By Jocelyn Allison

Law360, New York (July 19, 2010, 7:00 PM ET) -- The U.S. Securities and Exchange Commission will need to add 800 new positions to fulfill its duties under the sweeping financial reform bill now awaiting approval from President Barack Obama, according to Chairwoman Mary Schapiro.

Schapiro said in written testimony prepared for a U.S. House of Representatives subcommittee hearing Tuesday that the positions would be added over time and that the total cost of implementing the bill wasn't yet clear.

Obama has requested a total of $1.3 billion for the SEC budget in fiscal year 2011,...
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