The U.S. Securities and Exchange Commission may not have enough time to do a thorough job writing the financial-regulation rules required by the Dodd-Frank Act, SEC Commissioner Kathleen Casey said in a Washington speech.
The U.S. Securities and Exchange Commission must remove references to credit ratings from its rules to meet congressional demands to foster competition for Moody’s Investors Service and Standard & Poor’s Corp., Republican Commissioner Kathleen Casey said.
Global regulators will develop international rules for so-called shadow banks by the middle of the year to ensure companies from hedge funds to securities brokers aren’t excluded from efforts to prevent another crisis.
On a stormy night in October 2009, Mary Schapiro , the newly appointed head of the U.S. Securities and Exchange Commission, returned to her alma mater, Franklin & Marshall College in Lancaster, Pennsylvania, to be inducted into the hall of fame for student athletes. Receiving her award, she grasped the podium, confessed she was near tears and spoke of how she had never even seen a lacrosse game before attending college.
Elizabeth Warren, the Harvard University law professor who heads the congressional watchdog group for the $700 billion Troubled Asset Relief Program, is the driving force behind a proposal now being weighed by Treasury Secretary Timothy Geithner to create a consumer financial products commission.
U.S. stocks rose, halting the biggest global slump since February, and Treasuries extended losses after two people with knowledge of the matter said regulators were split on suing Goldman Sachs Group Inc.