Tomorrow, President Obama is expected to sign Congress’s financial regulatory reform bill known as the Dodd-Frank Wall Street Reform and Consumer Protection Act. The focus of the new law is banking, and the reforms are indeed “sweeping,” but the Act will also have a direct and immediate impact on the SEC. Consider this by-the-numbers summary of what the Act requires, as reported by Law360:
- 800 new positions at the SEC according to SEC Chairwoman Mary Schapiro;
- 533 new regulations;
- 94 reports and
- 60 studies to provide guidance on future regulations;
- 12% increase in the SEC’s budget for fiscal 2011, as requested by President Obama (to date) to help implement the reforms;
- 5 new offices to be created by the Commission; and
- 1 independent consultant to monitor SEC structure, operations, and funding.