The top U.S. markets regulator on Wednesday told Washington lawmakers that a looming shutdown of the federal government would reduce his agency's staffing to 'skeletal' levels, blocking it from approving companies' Wall Street debuts and hindering its ability to respond to any market turmoil.
The headquarters of the U.S. Securities and Exchange Commission is seen in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew KellySept 27 - The top U.S. markets regulator on Wednesday told Washington lawmakers that a looming shutdown of the federal government would reduce his agency's staffing to "skeletal" levels, blocking it from approving companies' Wall Street debuts and hindering its ability to respond to any market turmoil.
Gensler said the agency would lose more than 90% of its workforce to unpaid furloughs, leaving a "skeletal" staff to perform essential functions. Gensler also acknowledged that should a major disruption occur on Wall Street, "senior leadership would be there but again we'd be down to a skeletal staff."
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