June 9, 2009
Reforms, Past and Present
Two interesting articles on regulatory reform, present and past, in today's Wall St. Journal:
1. An article expands on the rumor I reported on yesterday, that the Obama administration is paring down its reform proposals and will not propose a consolidation of some regulators, such as a merger of the SEC and CFTC. Instead, the approach will be on authorizing tougher ruling. Sounds like a gigantic missed opportunity for meaningful reform. WSJ, Finance Reforms Pared Back.
2. And speaking of past reforms -- the subsidy of independent research by major securities firms, an important component of the 2003 Conflicted Analysts Settlement principally negotiated by then-New York AG Spitzer, is about to end, and perhaps no one will miss it. Recent reports are that retail investors are not using the independent research and indeed may be unaware of its existence. WSJ, Stock-Research Reform to Die?
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