FINANCE BRIEF: SEC Would Have Skeletal Staffing During Shutdown

The nation’s top markets cop stepped up warnings that the SEC will have only a skeleton crew on hand to oversee any tumult in trading if Congress fails to fund the government by Oct. 1.

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 yesterday during congressional testimony, Lydia Beyoud reports.

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 ...