The Securities Exchange Commission as a regulator, has been intentionally underfunded for years by both political parties. For the past 6 months, there has been a committee of just 3 people, including Chair Mary Jo White to consider and implement dozens and dozens of proposed reforms as well as those mandated by Dodd Frank. That said, there are legitimate concerns about industry capture of the SEC, conflicts of interest and revolving door career moves between its members and the companies they are meant to regulate.
The Senate banking committee hearing today touched on many key issues with the most important interactions starting with Senator Elizabeth Warren beginning at 1:41 on the play bar and ending with Chuck “Get to work Mr Bernanke” Schumer’s comments about the need for disclosure rules in campaign finance. Here is a direct video link, advance the play bar to 1:41.
On a progressive note, the news just broke that the SEC is finally going to approve the “Flash boys” IEX exchange that includes a speed bump to help protect legitimate investor flows from High Speed Trading front-runners. One small step in the path back to market integrity and capital protection. Much more needed.
BREAKING NEWS: SEC Staff Recommends Full Approval of IEX Exchange Application: https://t.co/2bnGkNMgEb by @davidamichaels
— Better Markets (@Bettermarkets) June 14, 2016
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