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SEC official warns against shutdown

Chairwoman of the U.S. Securities and Exchange Commission

Chairwoman of the U.S. Securities and Exchange Commission Mary Schapiro told business reporters and editors in Dallas that if there's a government shutdown "enforcement will be hobbled" by "insufficient funding." Photo Credit: AP file

The nation's top securities regulator on Friday decried the impact of a possible federal government shutdown.

Securities and Exchange Commission chairwoman Mary Schapiro said scrutiny of filings by public companies, enforcement actions and other agency work would be harmed if Congress doesn't approve a spending plan to keep Washington running until the end of the fiscal year this fall.

Schapiro told business reporters and editors in Dallas that "enforcement will be hobbled" by "insufficient funding."

She added, "there won't be staff to review corporate filings."

Schapiro acknowledged being surprised by the amount of time and energy required to prepare for a government shutdown. "It has a morale impact . . . people are worried about what will happen. There's really a lot going on in terms of preparations."

She added, "We hope it doesn't happen."

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