How newsroom cuts may impact SEC

Reuters reports that Mary Schapiro, the new chairman of the Securities and Exchange Commission, said she is concerned that job cuts in newsrooms may hinder the SEC's ability to crack down on illegal behavior.

"It's an absolute worry for me because I think financial journalists have in many cases been the sources of some really important enforcement cases and really important discovery of practices and products that regulators should be profoundly concerned about," the chairman of the Securities and Exchange Commission told Reuters Global Financial Regulation Summit in Washington on Tuesday. "But for journalists having been dogged and determined and really pursuing some of these things, they might not be known to the regulators or they might not be known for a long time," she said.

Schapiro then urged laid-off journalists to apply for jobs at the SEC. She said investigative journalism may be an "interesting skill set" that could be very useful to the agency. "[The SEC] has to really broaden its horizons and bring in people who think about things a little differently than it has historically," she said.

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