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SEC Survives Attempts to Eliminate It, But Challenges to its Powers Continue

By Michael MacPhail, Esq.

The Obama administration apparently has decided against eliminating the SEC as part of an anticipated package of financial regulatory reforms to be submitted to Congress.   Instead, the administration will focus on increasing the powers of regulators.             As recently as early 2008, the very existence of the SEC was threatened by then- Treasury Secretary Henry Paulson, who called for its abolition as part of his Blueprint for Financial Regulatory Reform.  Paulson proposed a dedicated business conduct regulator with the responsibility of protecting consumers and investors across all types of financial institutions and entities.  This agency would assume many of the roles of the CFTC, the SEC, and the consumer protection and enforcement roles of the nation?s  insurance and banking regulators...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on June 11, 2009 (boomark / email).