Mary Schapiro, chairman of the
Its not a discrete thing to get moved away without damaging the fabric of the entire investment protection regime that is built up over many years here, Schapiro said. I will question pretty profoundly any model that would try to move investor protection functions out of the Securities and Exchange Commission, which, she maintained, is committed to investor protection.
Likewise, the
Susan Suderko, executive director of the Mutual Fund Directors Forum, weighed in by saying, I think that it is going to be hugely expensive and highly inefficient to try and recreate the Securities and Exchange Commission.
But the
This is by far the best idea that has surfaced in the last decade on how to protect financial consumers and the economy from many of the problems weve seen, said Travis Plunkett, director of legislative and regulatory affairs for the Consumer Federation. Plunkett said that rather than focus on consumers, regulators are more sensitive to the financial profitability of the companies they oversee.