GAO Head Calls for Stronger SEC

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GAO Head Calls for Stronger SEC

WASHINGTON -- The head of the General Accounting Office (GAO) said Tuesday that the best way to prevent future Enron's is with a stronger Securities and Exchange Commission, Reuters reported.

GAO Chief David Walker testified before the Senate Banking Committee that the SEC is "increasingly strained" in fulfilling its regulatory mission and needs more money and more cops.

"The SEC's workload and staffing imbalances have challenged the SEC's ability to protect investors and maintain the integrity of securities markets," Walker said in prepared remarks.

Low pay compared to other federal law enforcement agencies, coupled with high employee turnover and an exploding workload combine to slow and hamper the SEC, he said.

-- NYSSCPA.org News Staff