Financial reform as “stimulus”
July 22, 2010 | Financial Reform Bill - CFPB, employees, federal legislation, industry | Comments (0)At least for Washington. From The Hill:
At least a thousand new government workers will be hired as a direct result of the legislation, which triggers a massive wave of rulemaking by regulatory agencies.
For law firms on K Street, the Wall Street reform means big business, and banks and other financial institutions affected by the sweeping overhaul are expected, at a minimum, to shift in-house lawyers to regulatory work.
“Lawyers always win,” joked one Washington insider, who was quick to say that he wasn’t just saying that because he’s a lawyer.
The Securities and Exchange Commission (SEC) expects to add about 800 new positions to carry out its new and expanded responsibilities, while the Commodity Futures Trading Commission (CFTC) plans to increase its workforce by nearly 50 percent, to 1,000 employees, a spokesman told The Hill.
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