No Protections
Contractors don’t have the same labor protections as thousands of SEC federal staff, many of whom also belong to a union. So laying them off is a quick way to reduce expenses.
Many contractors work side-by-side with SEC enforcement attorneys to build cases against financial firms. For example, some clean up and format data, such as trading records or phone call logs, so they’re easily searchable for attorneys looking for patterns. Contractors also assist other SEC divisions, including ones that regulate stock exchanges and mutual funds.
This article was provided by Bloomberg News.