SEC Would Have ‘Skeletal’ Staff Left on Duty During Shutdown

The nation’s top markets cop stepped up warnings that the Securities and Exchange Commission will have only a skeleton crew on hand to oversee any tumult in trading if Congress fails to fund the government by Friday.

Gary Gensler

Photographer: Andrew Harrer/Bloomberg

As much as 93% of the SEC’s 4,600 employees would be furloughed in the event of a shutdown, agency Chair Gary Gensler said Wednesday during congressional testimony.

Market surveillance staff will remain on hand to track market activity, according to an SEC shutdown plan last updated in April. However, “if there were a market event, senior leadership would be there, but ...