Friday, May 22, 2009

Schapiro V. Obama: New Consumer Agency Proposed

SEC will not easily give up regulatory authority. SEC Chairman Schapiro responded to reports that Obama administration is considering a new regulatory commission to focus on consumer financial products, including credit cards, mortgages and mutual funds. Schapiro thinks the SEC should continue to regulate mutual funds. Proposal gaining traction and some say a welcome sign that regulatory reforms may yet address consumer needs. (Hatip Securities Law Prof Blog, WPost) As U.S. Weighs New Consumer Agency, SEC Stakes Out Regulatory Turf. More on potential massive regulatory turf war.

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