U.S. House panel probes obsolete technology at SEC

By Sarah N. Lynch WASHINGTON (Reuters) – A U.S. House of Representatives committee is investigating whether federal securities regulators are using last century's tools to review corporations' books despite a rule that requires them to use 21st century technology. House Oversight Committee Chairman Darrell Issa sent a letter on Tuesday to Securities and Exchange Commission Chair Mary Jo White asking for an explanation of why the regulator has been so slow to embrace the use of eXtensible Business Reporting Language, or XBRL, even as she seeks more funds to hire additional staff. …

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U.S. House panel probes obsolete technology at SEC

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