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With SEC workers offline, the government shutdown could screw IPO-ready companies

The government shutdown has entered into day 19, making it the second-longest shutdown in U.S. history. With President Donald Trump slamming his hands down on a table and storming out of negotiations with Speaker Nancy Pelosi and Senator Chuck Schumer earlier today, a fast-approaching end feels unlikely.
Hundreds of thousands of federal workers are out of work as U.S. leaders struggle to reach a fair agreement on the federal budget, including employees of the U.S. Securities and Exchange Commission . The government agency, responsible for protecting investors and maintaining fair, orderly and efficient markets, shut down on December 27 and has just 285 of its 4,436 employees on the clock.
“Due to the ongoing federal government shutdown, the SEC is currently operating in accordance with the agency’s plan for operating during a shutdown,” the agency wrote on its website. “The SEC has staff available to respond to emergency situations involving market integrity and investor protection, including law enforcement.”
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system that allows companies to electronically file crucial documents, including paperwork for initial public offerings, has remained up and running. That’s led to a “large and growing” backlog of filings, reports CNBC, that could cause a delay in several IPOs, as well as a lasting impact on the state of the IPO market in 2019.


Just left a meeting with Chuck and Nancy, a total waste of time. I asked what is going to happen in 30 days if I quickly open things up, are you going to approve Border Security which includes a Wall or Steel Barrier? Nancy said, NO. I said bye-bye, nothing else works!
— Donald J. Trump (@realDonaldTrump) January 9, 2019
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