Congress: IG/GAO review of SEC IT spending; hard two-year investigation limit
Mandate asks Congress for an IG or GAO report on SEC IT spending/contracting and a statutory two-year investigation limit with no extensions.
Mandate
Mandate Ch. 27 (Financial Regulatory Agencies) — SEC Administration: Congress should require an Inspector General’s (or possibly GAO) report regarding SEC information technology spending and contracting; Congress should statutorily limit the time for an investigation to two years with no extensions.
Undo plan
1) Allow extensions for complex accounting fraud, international evidence, and tolling agreements—hard two-year caps let sophisticated actors run out the clock.
2) Support IG/GAO IT reviews; implement findings without cutting market-structure tech.
3) Publish investigation aging reports instead of absolute cutoffs.
4) Pair any time limit with document-preservation duties and tolling for concealment.
5) Verify: median investigation length; unfinished complex cases closed solely for time.