Bull Bear Report Aug 31 2010

Federal Agencies Hiring More Finance Pros

By julie steinberg

The SEC and the FDIC are reaching out for more staff now that regulators are getting the ball moving on crafting the specific rules of finreg.

The SEC is planning to issue 100 rules spanning derivatives, asset-backed securities, hedge funds and executive compensation, and is looking to quickly hire 25 examiners to staff its new office of credit-rating agency oversight (if you've dreamed of sending out stern letters to Moody's, now's your chance).

Besides the 800 positions the agency wants to fill for finreg, there are also 200 more spots available underneath the aegis of the SEC's new budget, which will increase by 20% in the next FY. Overall, staffing levels will increase 36% from 2007 to land at 4,700. With all the studies the agency has to undertake and subsequent rules it will have to put in place, the added manpower is more than necessary.

The FDIC is going through the same drill. The body will now have resolution authority, which means it will be able to wind down troubled financial institutions. On August 10, its board voted to create two divisions that will need 200 staff members.

Related: How to Get a Job in Financial Regulation | Federal Government Hiring Thousands in Wake of Financial Reform Bill

Write to Julie Steinberg

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