Reuters: Republican-Led U.S. SEC Steps Up Oversight of Investigations

BlockBeats News, February 4th: According to Reuters, lawyers at the U.S. Securities and Exchange Commission (SEC) have been told that they need leadership approval before formally launching an investigation. This procedural change could slow down the investigation process.

This change was previously unreported. It is said that this adjustment was made under the new leadership team after Trump took office. Sources familiar with the matter said that because this change has not been made public yet, they requested anonymity.

Normally, the SEC is overseen by a five-member commission (including the chairman) and is an independent agency. Currently, the commission consists of three members, including two Republicans and one Democrat. The members of the U.S. Securities and Exchange Commission are appointed by the U.S. President.

Recently, some enforcement officials have been informed that all formal investigative orders — which are necessary for issuing testimonies or subpoenas — require the commission's approval. Sources said that previously this authority had been delegated to lower-level staff, and the commission could veto but not always exercised that power.