New Consumer Agency May Steal SEC's Thunder

After the bang-up job the Security and Exchange Commission did to prevent Wall Street shenanigans from plunging the economy into the abyss, the White House is looking to form a new commission to step in and do the SEC’s job.

The Washington Post reports that SEC Chairman Mary L. Schapiro isn’t too happy about this.

“It’s not a discrete thing to get moved away without damaging the fabric of the entire investment protection regime that is built up over many years here,” she said.

Schapiro’s remarks are likely to presage an intense debate over the future of financial regulation. A major business lobby yesterday expressed skepticism about adding a layer of regulation. Meanwhile, prominent consumer groups, which have long argued that regulatory agencies have not adequately protected consumers from risky mortgages and tricky credit cards, welcomed the idea of a new commission.

“This is by far the best idea that has surfaced in the last decade on how to protect financial consumers and the economy from many of the problems we’ve seen,” said Travis Plunkett, director of legislative and regulatory affairs for the Consumer Federation of America.

Even though Schapiro and her peeps may be feeling blue, at least there’s some good news for them. If they’ve got Comcast digital cable, they’ll start getting the NFL Network for free in August!

As U.S. Weighs New Consumer Agency, SEC Stakes Out Regulatory Turf [Washington Post]
(Photo:epicharmus)