Washington (March 7, 2002) -A searing 45-page report from the General Accounting Office has warned that the Securities and Exchange Commission is stretched too thin in terms of financing and resources to effectively perform its duties.

The report also took SEC managers to task, claiming that their reviews and projected staffing requirements, as well as resource allocations, were unsatisfactory.

In addition, David Walker, comptroller general and head of the GAO testified before the Senate Banking Committee that there was a wide discrepancy between the SEC's workload and the commission's financing.

Walker also noted that the SEC turnover rate was nearly double that of most federal agencies. Roughly one third of the SEC's 3,000 employees left between 1998 and 2000. Under Bush's budget proposal the SEC was earmarked for $481 million, but according to reports, members of the

House Financial Services Committee are looking to boost that figure to $700 million.

- Electronic Accountant Newswire staff

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