Concerns expressed regarding high employee turnover.
Twelve U.S. Senators recently sent a letter to the chair of the Securities and Exchange Commission (SEC) Gary Gensler, inquiring into the high employee turnover rates the corporate watchdog has been experiencing. Staff members are leaving the SEC in numbers not seen in 10 years, with attrition in senior officer positions expected to be 20.8% this fiscal year and 8.4% for attorney positions.
The SEC has introduced 26 new rule proposals in 2022, which is double 2021’s proposed rules and the highest number seen in the last five years. The letter postulates that the employee turnover could be linked to the high rate of proposals, saying that efforts to approve “hurried rulemaking without proper analysis, deliberation or consideration of downstream negative impacts is nothing short of regulatory malpractice.”
As the Lord Leads, Pray with Us…
- For members of the Senate as they seek to ensure the appropriate operation of federal agencies.
- For Chairman Gensler as he considers and responds to the senators’ inquiry.
- For SEC officials as they deliberate the implementation of rule and regulation changes.
Sources: AP, Reuters
