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SEC Said to Purge Contractors

Wall Street cop is concerned it faces deep funding cuts under Trump.

By Matt Robinson and Ben Bain, Bloomberg | Updated on April 10, 2017

Facing possible budget cuts under President Donald Trump, the Securities and Exchange Commission is eliminating dozens of contractors hired to help root out Wall Street fraud, said two people with knowledge of the matter.

The contractors aren’t full-time federal employees, but the SEC, which oversees the finance industry, relies on them to help shoulder complex investigations that often lead to trials that can go on for months or years.

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