Walker informed the Committee that 'there is a growing mismatch between the SEC's responsibilities and it's resources.'
He cited problems, which included the low pay of officials, high employee turnover and increasing responsibilities.
Walker advised that in 2001 the SEC only had time to review around 16% of annual corporate filings it received, which was way below the target of between 30-35%.
Head of the US General Accounting Office David Walker has told the Senate Banking Committee that the Securities and Exchange Commission is close to breaking point.
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