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Thursday, March 01, 2012

Analysis: Critics Question Cost As Consultants Nip And Tuck SEC

(Reuters) - The U.S. Securities and Exchange Commission is spending millions of dollars on consultants to streamline the agency, but SEC insiders and at least one lawmaker are questioning whether the SEC is getting its money's worth.

At a time when the SEC is fighting Congress for more funds, some agency employees are concerned that the SEC has spent over $8.5 million in just under a year on dozens of consultants from Booz Allen Hamilton to advise on reforming workflows and back-office operations, according to documents and people familiar with the matter.

Booz Allen consultants are costing the SEC anywhere between around $100 an hour to over $300 an hour depending on the person's position, according to internal documents reviewed by Reuters. The number of consultants on site fluctuates each month, but it has ranged from four to 77.


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