Compliance Week's editor in chief, Matt Kelly, is wondering who will replace Christopher Cox as the Securities and Exchange Commission chairman when President-elect Obama takes office in January. In a piece last week, he pointed out what not many in the media have mentioned yet. When Obama introduced his economic dream team, a nominee for SEC chairman was not among them.
What does that mean? Kelly acknowledges many don't see it as necessary because an SEC chairman doesn't necessarily hold the same sway over the economy as the others. Kelly also suggests, however, that the current crisis is one of financing as much as it is economic, and we need additional regulation to fix that.
Maybe, then, Obama has someone in mind who can overhaul financial regulation as we know it and implement a plan on the scale of that proposed by outgoing Treasury secretary Henry Paulson. He or she "will impose far-reaching changes on corporate America and wield enormous influence over compliance and financial reporting executives," Kelly says.
He'd like to know who it is sooner rather than later.