Home Media Center News Releases

Washington, D.C.—Now that the full Senate has approved legislation that could lead to higher pay for employees of the Securities & Exchange Commission (SEC), the head of the National Treasury Employees Union (NTEU) is urging equally prompt action by the House of Representatives.

The Senate approved the legislation last night, and similar legislation was approved by the House Capital Markets Subcommittee.

“We must address disparities in compensation with similar agencies if the SEC is going to be able to carry out its critical responsibilities, including its oversight of the nation’s financial markets,” Kelley said.

NTEU represents some 2,000 employees in the SEC, an agency where turnover among accountants, attorneys and other professionals is more than triple the rate of government agencies with similar responsibilities, like the Federal Deposit Insurance Corporation (FDIC).

In the past two years,

Kelley said, 25 percent of SEC attorneys, accountants and auditors have left the agency staff, including a turnover rate of 14 percent in 1999 alone. By contrast, the FDIC turnover rate is five percent. The excessive turnover at the SEC not only robs the agency of needed expertise, it forces managers to occupy much of their time in recruiting and training, the NTEU president added.