The SEC staff has issued a report on the implementation of organizational reform pursuant to Section 967 of the Dodd-Frank Act. The purpose of the report to Congress is to discuss the progress that the SEC staff has made in implementing systemic organizational change to increase efficiency and effectiveness. The staff states it recognizes that meaningful organizational improvement is not a “quick fix”: change will require prolonged effort over several years, and reconsideration of some of the fundamental methods the organization uses to carry out its work. The intent of the report is to communicate the gains in efficiency, effectiveness, cost savings and customer focus over the last six months, and to describe the challenges, strategy and agenda for future organizational improvement, in keeping with the requirements of the Dodd-Frank Act.
The report indicates the SEC has spent $8.5 million to identify costs savings of $13 million through the end of Fiscal Year 2013.
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