With an April 8 budget deadline looming, and no deal yet on how to allocate $33 billion to $40 billion in spending cuts, a government shut down is looking like a real possibility. If that does happen, the SEC has a contingency plan, says the Wall Street Journal. It would keep up some market-surveillance activities and have some staff available in case of an urgent enforcement issue, to freeze assets or seek court orders in the case of a major fraud. Examinations, sweeps and work on enforcement cases are expected to halt, however.
While most SEC staff would be furloughed during a shutdown, the SEC's five commissioners can't be, according to government rules. The commissioners have been told they can choose one staff member to come to the office and assist them.
Read the full article, here.