and a provision uh that would prohibit the SEC from implementing the Consolidated audit uh audit uh Trail so if the ACC doesn't get their budget approved for 2025 forget about the Consolidated audit Trail forget about the cut system because they will not have money to actually act upon the cut system uh significant cuts to the enforcement uh budget uh to the cop on the beat and a provision uh that would prohibit the SEC from implementing the Consolidated audit uh audit uh Trail uh in terms of your enforcement efforts uh as I look at it the consequence of these actions could be to significantly weaken uh the cop on the beat who's looking out for the investing public could you describe what the impact uh of these actions would be if they were if they were implemented I think on each it would significantly impinge upon our ability to be that cop on the beat but also to answer questions uh we we get tens of thousands of filings from mutual fund companies from companies wanting to go public uh seeking accounting guidance things like that that's the day-to-day bread and butter of our agency about half our agency is either examination or enforcement another 10 or 15% is this disclosure review and in every place it would be constrained and we literally have 40,000 tips complaints and referral per year now we can't pursue all of them but right now in this public figures we generally run about 1,500 to 2,000 investigations at any one time that are happening um in terms you asked about the Consolidated audit Trail this is a really um important source of information uh uh for the self-regulatory or organizations for the stock exchange as so speak and the agency to uh piece together whether somebody for instance is front running a market or trading on Insider information uh that we can see patterns in the trading in the in the security so both are critical to our mission it's been uh said that the uh consolidated Auto Trail um discloses very sort of sensitive uh personal uh information um could you respond to that claim so I that's an important sensitivity that everything that we deal with at our agency um could be confidential Market moving information but in terms of personal information under chair Clayton he actually uh skinni back the collection of any personal information and the only information that goes into this Consolidated Auto Trail is a name address and birth year no other no social security information uh no other details about it it's just to know who's who's behind the account I mean if if we're going to you know look at insider trading for instance you got to have to know uh is it Joe or Jane as you probably heard the implementation of cut system is expensive as said they had 40,000 tips and signals on the annual basis for Market manipulation from inside the trading front running naked Short Selling so on and so forth they don't have the people to go after each and every case they simply have to choose one out of pile of others and he simply said that we are going to be prohibited of implementation of Consolidated audit Trail if our budget for 2025 which is over $2 billion will not be approved also very important Gary GLE confirmed that having the information from Consolidated audit Trail they can have a grasp around front running about Market manipulation about insided trading and every other move that any individual or company can do on the stock market they can follow they can see it also the biggest exaggeration that you probably heard from the Medias or some politicians about potential issue with the Privacy data collection was dismantled by Gary G saying that all the information information they need is your name your address and your date of birth they do not collect Social Security they do not collect any other information aside from it so if you trade through the hedge fund if you're a Trader that is assigned under brokerage you are going to have your information anyway pulled up from the broker itself when they register the company and when they register their employees you know when you have an ACC when you have an AOC when you have a a corporation you know everything is already into the actual company's files so all this information is public all the positions all the employees all the board members everything is publicly available information so they either way have the access so they can actually act upon and pull up all these files if they needed to so all the hype over here around the cut system I understand it is very likely that this hype could go away if the AC it's not capable to convince people to vote on or vote for the budget this is very important because they have to choose their battles very carefully considering that the ACC have lost a bunch of cases against crypto overall many people believe that this is the reason why SEC will have an issue to get their budget confirmed because they lost a lot of resources throughout these different court cases New York Angelo hero in 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