Mar. 13, 2023
March 13, 2023 Why does the Commission want to rely on third parties to do the job it is already doing (ethics compliance over employee securities trading)? Isn't OEC already doing a sufficient job? Using government contractors is not wise. For instance, the new SEC HQ is being developed by Douglas Development Corp. Their founder, Douglas Jemal, was pardoned for fraud by President Trump. What makes you think the government contractors can be trusted to watch over the regulator? They may be scammers themselves. See these articles: https://commercialobserver.com/2021/10/sec-moving-hq-to-douglas-developments-long-planned-dc-office-building/ https://www.washingtonpost.com/local/dc-politics/douglas-jemal-trump-pardon/2021/01/20/2eac77a8-5b2b-11eb-b8bd-ee36b1cd18bf_story.html Or will the SEC ask an entity it regulates to surveil the SEC? (eg FINRA...) Think about the conflicts outsourcing will create. The SEC couldn't even find a broker for it's supplemental retirement plan because of the conflicts ...and instead it makes employees do inconvenient rollovers to move 401(a) employer matches from non-SEC-regulated entities into more suitable holdings at the inept TSP (who over utilizes contractors). And don't forget the hacking risk. There are more important issues for the Agency to address than this unreasonable proposal. How many SEC staffers will risk their jobs by violating the ethics standards? Unbelievable.