According to a report
published in the Washington Post
today, Chairman Christopher Cox
coolly defended the SEC against criticism that its policies are harming businesses.
The SEC has been the target of shareholder advocates who claim that the its actions, specifically a recent enforcement policy that severely restricts the agency's lawyers' ability to negotiate fines and the agency's legal position in an upcoming Supreme Court case that would let investors recoup their losses from investment banks, will mean more responsibilities for an increasingly overburdened business community.
| Chairman Christopher Cox |
Securities and Exchange Commission
Representative Barney Frank
(D-Mass), Chairman of the House Financial Services Committee, showed great confidence in the SEC honcho's judgement, much to the dismay of some like Rep. Richard Baker (R-La) who said that such a ruling constituted a "clear and present danger" for capital markets.
"In my judgement, the commission as currently constituted has hit the right balance," Frank said.
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