SEC creates new senior position in bid to improve its reputation
THE US Securities and Exchange Commission (SEC) is to create a position of chief operating officer to help manage the regulator and improve internal operations, its chairman Mary Schapiro said yesterday.
Schapiro said she was in the process of reviewing the SEC’s operations, including how it manages its records and call centres, to ensure it meets the “highest standards”.
“I have been disappointed to find that in some areas of our internal operations, we fall short of what the taxpayer has a right to expect of us,” Schapiro told a Senate hearing.
The SEC has been criticised by US politicians for failing to spot Bernard Madoff’s alleged $65bn (£39bn) investment fraud.