Getting your player ready...
WASHINGTON — The Republican chairman of the House Financial Services Committee proposed Tuesday restructuring the Securities and Exchange Commission, saying he wanted to make the agency more efficient and correct its “organizational incoherence.”
“Without fundamental reform, there will never be any real improvement to the SEC’s operations,” Rep. Spencer Bachus, R-Ala., said in a statement.
But the top Democrat on the committee said the proposal was the work of ideologues who oppose regulation.
“It’s an excuse for continuing to underfund the agency,” said Rep. Barney Frank, D-Mass.
Bachus’ proposal, which he said will be called the “SEC Modernization Act,” would demote the agency’s investor advocate, folding that office into another unit.
