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Not the Time to Abolish the SEC

Posted by Lora Bentley Jan 30, 2009 8:57:03 AM

Wednesday, I saw a blog post on The Examiner in which Trevor Bothwell suggested abolishing the Securities and Exchange Commission. If the regulator received tips regarding Bernard Madoff's misconduct for nearly a decade and did nothing, he said, what good is it? It should just be abolished.

I think SEC Enforcement Director Linda Thomsen's testimony to the Senate Banking Committeespeaks to why the agency didn't catch Madoff's shenanigans earlier. (Maybe not enough to satisfy Bothwell, but that's another post entirely.) Even if it didn't, though, the chances of the SEC being abolished are slim to none. The new SEC chair is known to be tough on enforcement, and we can expect more regulation on the market in the wake of the economic downturn, not less.

Even when pushing for his latest stimulus package, President Obama has promised "unprecedented accountability measures" and "to root out wasteful spending," according to CFO.com.

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