The Senate Banking Committee, concluding its 10th hearing yesterday on the mutual fund scandal, may not introduce new regulations for the mutual fund industry but allow the new SEC regulations to kick in, the New York Post reports.
"We ought to let the SEC do its work . . . and not rush to judgment," said committee Chairman Sen. Richard Shelby (R-Ala.). That said, Shelby still believes Congress should continue its oversight and "not rule out any legislation in the future."
Commenting after the hearing, SEC Commissioner Hervey Goldschmid told The Post: "My sense is that the hearing reflected a sense the SEC is getting the job done."
The tone of yesterdays hearings was a sharp departure from earlier ones, when Congress expressed skepticism for the SECs ability to oversee the industry in light of the New York Attorney Generals ignition of the ongoing investigations.
"I believe the SEC has re-established its authority," said Sen. Jim Bunning (R-Ky.).