US Congress 'won't derail banking reform'

10 November 2010

The chairman of the Securities and Exchange Commission (SEC) has sought to play down speculation that the outcome of last month's US mid-term elections will disrupt the country's financial sector reforms.

According to a report from Reuters, Mary Schapiro told journalists at Northwestern University in Illinois that the agency will continue to enforce the Dodd-Frank legislation unless it is revoked by the incoming Congress.

"The law's passed. And while it could change, obviously, until it does, we have a responsibility to implement the law as it was passed," she explained.

Ms Schapiro added that the SEC has a "long list" of new regulations it intends to introduce to regulate the activities of banks and hedge funds, suggesting that a review of the existing circuit breaker program is a top priority.

Earlier this week, the Wall Street Journal revealed that three brokers who had formerly worked for a Citigroup unit in California had been subpoenaed by the SEC following allegations that clients had been misled over debt funds.

By Gary Cooper

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development