On Thursday, the shutdown of the partial government has now started to impact the Securities and Exchange Commission.
According to the website of the agency, from the beginning of Thursday, the Securities and Exchange Commission will be having the number of staff that will be very limited.
The filings of the company and several such systems will then be operating during the shutdown period.
This in turn will enable the Securities and Exchange Commission to be able to respond to situations of emergency which will also involve market integrity as well as investor protection. It will also include the enforcement of law.
Apart from that the staff of divisions within the Securities and Exchange Commission such as the departments of finance and investment management, will be available for answering the questions related to fee calculations for the filings which took place during the partial shutdown.
However they will not be responding to other questions.
There are about 4,400 employees in the Securities and Exchange Commission. 110 of these employees would be available in the event of a full shutdown for the purpose of activities that are related to enforcement of law.
According to the shutdown plans of the agency which was planned last month, another batch of 175 employees will be available for the purpose of security.
Therefore, about 94 percent of the total employees of the Securities and Exchange Commission will then be furloughed.
This partial shutdown of the Securities and Exchange Commission has therefore resulted in the closing of other nine agencies which has therefore resulted in about hundreds of thousands of the employees of the federal government without pay.
More or less 8,00,000 federal employees across the agencies have been affected by the shutdown according to Congressional Demaocrats’ research memo.
Source: Business Insider, Pulse
