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.
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.
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.
The U.S. Securities and Exchange Commission proposed requiring hedge funds and private-equity funds to submit to inspections and new disclosure requirements, aiming to expand oversight as required by the Dodd-Frank law.