§3114 Appointment of candidates to certain positions in the competitive service by the Securities and Exchange Commission

Summary

Lets the Securities and Exchange Commission hire certain specialists — like accountants, economists, and securities compliance examiners — and any other competitive-service jobs that need special knowledge about financial markets, market rules or technology. The SEC can use a faster, excepted-service hiring method instead of the regular competitive hiring rules to fill those jobs. Hiring someone this way does not change the job’s official status; the job stays in the competitive service. The SEC must send two reports to Congress about using this hiring power: one within 90 days after the end of fiscal year 2003 (covering 2003) and one within 90 days after the end of fiscal year 2005 (covering 2004 and 2005). The reports go to the House Committees on Government Reform and Financial Services and the Senate Committees on Governmental Affairs and Banking, Housing, and Urban Affairs. Each report must describe the hiring changes and cover six topics, including candidate quality, how hires were chosen, numbers and types hired, benefits or problems, effects on veterans and other groups, and manager training. The Commission means the Securities and Exchange Commission.