SEC Financial Regulatory Powers Might Be Handed Over To Wall Street-Funded Finra

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Johnny Oxygen
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SEC Financial Regulatory Powers Might Be Handed Over To Wall Street-Funded Finra

http://www.bloomberg.com/news/2011-06-28/investors-may-lose-as-congress-...

Congress may hand oversight of almost 12,000 investment advisers to Wall Street’s self-funded regulator as a cost-saving measure. The price could be paid by investors.

The Financial Industry Regulatory Authority, deputized by the government to oversee brokers, is lobbying to replace the U.S. Securities and Exchange Commission as a regulator of registered investment advisers who manage about $40 trillion. Congress is considering the move as a cheaper alternative to increasing resources for the SEC, since Finra’s $877 million budget is paid by the brokers it regulates.

 

 

 

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