Looking for a budget increase, SEC warns that its technology is outdated

Congressional Republicans have threatened to reign in the Securites and Exchange Commission’s budget, which has ballooned in recent years. But according to ReutersChairwoman Mary Schapiro says that the SEC is unable to keep up with trading that happens “at the speed of light.” She said some Wall Street firms spend more on technology costs than the SEC spends on its entire operating budget, and that without an increase in funds to pay for new monitoring systems, their power to catch swindlers will dwindle.

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