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SEC Hiring Bill Delayed by Planned Review

May 01, 2003|From Bloomberg News

The Securities and Exchange Commission may not be able to speed up hiring accountants and economists as soon as it planned because the bill authorizing the hiring has been delayed.

The House Government Reform Committee, which is considering changes to personnel practices at the Defense Department, has decided to include a review of the changes in SEC hiring standards as "part of a larger, more comprehensive civil service personnel reform bill," David Marin, an aide to committee Chairman Tom Davis (R-Va.), said Wednesday.

Davis' committee is to hold a hearing on the bill Tuesday.

The House Financial Services Committee approved the new hiring procedure for the SEC last month.

The SEC plans to hire about 800 lawyers, accountants, compliance examiners and economists in the next several months to handle its more than 2,200 investigations.

The agency can hire lawyers outside normal civil service procedures and seeks the right to do the same with accountants, economic and some other professionals. The standard procedure takes months and can prevent some people from signing up, SEC officials said.

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