PANews reported on February 4 that according to Reuters, two people familiar with the matter revealed that lawyers at the U.S. Securities and Exchange Commission (SEC) were told that they needed to obtain approval from politically appointed leadership before officially launching an investigation. This significant procedural change could slow down the progress of the investigation.
The change was implemented under the SEC's new leadership after President Trump took office. Typically, five commissioners, including the chairman, oversee the independent agency. Currently, the commission has three members - two Republicans and one Democrat. Commissioners are appointed by the president.
In recent days, some law enforcement staff have been told they need committee approval for all formal investigative warrants, which are necessary to issue subpoenas for testimony or documents. Previously, such authority had been delegated to lower-level staff. The committee has the power to refuse - but does not always exercise it. Reuters could not determine whether the committee has voted to formally revoke that delegation of authority or who ordered the change.
