A US government shutdown could disrupt financial markets by limiting regulatory oversight and preventing companies from going public or bidding, Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned.
If Congress does not pass funding legislation that President Joe Biden can sign into law before midnight on September 30, the federal government will shut down, laying off tens of thousands of workers and disrupting several services.
Under that shutdown, the Wall Street watchdog could lay off 93 percent of its staff, meaning the SEC would have “a skeleton staff” to conduct rudimentary oversight of the market, Gensler told lawmakers during a hearing of the House Financial Services Committee on September 27.
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