The SEC lacks the staff to do its job, a report said.

The Securities and Exchange Commission does not have enough staff to adequately regulate the securities markets, according to a report by the General Accounting Office, the investigating agency of Congress. The report said the SEC had fewer staff in 1985 than it did in 1981, despite a sharp increase in stock registrations and financial reports filed. The GAO also found a decline in the number of enforcement cases brought and individuals sanctioned for violations of the securities laws since 1978.