The SEC said it will take many years, additional funding, and more employees to fulfill restructuring changes recommended from an independent review required by the Dodd-Frank Act.
Over the last six months, the SEC said it has reviewed the study’s recommendations and, over the next six months, will review management schedules, costs, prioritization, and other requirements for each initiative.
“It is at that time that trade-offs and hard decisions must be made about how to best expend resources, time and funding.”
The independent review found that the agency was understaffed by 400 employees and was in need of additional funding to carry out all of its additional responsibilities originating from the Dodd-Frank Act.
See the SEC's update.