May 21, 2009
Schapiro Responds to Proposal for New Consumer Agency
As expected, the SEC will not easily give up any of its regulatory authority. SEC Chairman Schapiro responded to reports that the Obama administration was considering a new regulatory commission that would focus on financial products to consumers, including credit cards, mortgages and mutual funds. She thinks the SEC should continue to regulate mutual funds. But, as the Washington Post reports today, this proposal is gaining traction and is a welcome sign that regulatory reforms may yet address the needs of consumers. WPost, As U.S. Weighs New Consumer Agency, SEC Stakes Out Regulatory Turf.
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