Conservatives who opposed the Dodd-Frank financial regulation reform bill may be pleased to learn that budget constraints make it difficult for regulators to carry out some of the new law’s provisions. For example, after the "flash crash" in the stock market last May, “federal agencies fingered computer algorithm-based trading as the primary culprit and vowed to step up oversight,”
The Hill reports.
“Officials at the Securities and Exchange Commission (SEC) went through more than 1,000 applications and found five algorithm experts they wanted to bring on board to provide expertise in the technology.”
So what’s the problem? The agency doesn’t have the cash to hire them. Budgets for the SEC and the Commodities Future Trading Commission are frozen at 2010 levels, thanks to the continuing budget resolution Congress passed last month.
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