Tuesday, June 28, 2011

Can It Get More Corrupt? SEC Financial Regulatory Powers Might Be Handed Over To Wall Street

Congress may outsource the job of regulating thousands of investment advisors to an organization funded by the professionals it regulates, Bloomberg News reports.
Two and a half years after the worst financial crisis since the Depression, Washington lawmakers are focused on cutting funding from the government's oversight of the financial industry, even before last summer's Dodd-Frank law is fully implemented. House Republicans support a measure to flat-fund the Securities and Exchange Commission, to deny it resources that Democrats and SEC officials say are crucial to the protection of investors and the policing of financial crimes.

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