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Congress Called Out for Cutting SEC Tech Funding

"Investor advocates are calling out Congress for slashing millions of dollars from funds the Securities and Exchange Commission had earmarked for upgrading its technology used to detect trading and accounting frauds like Bernard Madoff’s massive Ponzi scheme.

"Several years ago, the SEC, at Congress’ direction, established a $50 million reserve fund to set aside money for long-term projects, notably technology upgrades to help the agency keep pace with rapid technology advances on Wall Street.