Yeah. If we had to rely on the SEC, then we never would have gotten to the bottom of several high profile scandals, such as the Morgan Stanley affair.
http://www.washingtonpost.com/wp-dyn...2003Jul22.html
Quote:
States' Role In Doubt on Wall Street
House to Vote Soon on Bill to Affirm Ultimate Power of SEC
State securities regulators are bracing for a showdown in the next couple of days with congressional Republicans and the securities industry over a bill that would limit the role of states in investigations of major Wall Street firms.
[...]
When New York state Attorney General Eliot L. Spitzer -- who embarrassed industry and national regulators with his investigation into tainted research at major investment houses -- and regulators from other states discovered Baker's move, they were outraged.
Federal law prohibits states from enacting laws to regulate the structure of and reporting requirements for securities brokers and dealers. Baker's provision would go one step further by barring states from using settlements or court judgments to force structural changes in the securities industry. The bill would also specifically prohibit states from forcing securities companies to disclose more information than required by federal rules. It also would bar states from setting conflict-of-interest rules.
|
The GOP is all about an "end to big government" and emphasizing state's rights -- except when doing so interferes the GOP making themselves rich. Then they want federal control and universal standards.
07-23-2003, 10:51 AM
GOP moves to limit power of states to investigate banking fraud
