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In the last twelve months, the SEC has sought the smallest amount of penalties since 2013, as the agency went months without permanent leadership and likely indicates a gentler approach to policing wrongdoing.
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The SEC’s financial cops are also having to do more with less. Earlier this year, the agency cut back on non-essential travel, imposed a hiring freeze and curbed the use of outside contractors who assist lawyers with cases. And until Clayton was confirmed, the SEC was down to two commissioners who voted on cases; one Republican and one Democrat. Without a tiebreaker vote, many cases were left in limbo for months.
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