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The SEC to continue tough financial reform under a new leadership : Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Finance & Loans

The SEC to continue tough financial reform under a new leadership

January 14, 2013 by · Leave a Comment 

Mary Schapiro, appointed by President Barack Obama in 2009, who ran the Securities and Exchange Commission (commonly called SEC) under the first Obama Administration, left the agency on December 14, 2012.  President Franklin D. Roosevelt created the SEC in 1934 under the Securities Exchange Act as an independent quasi-judicial regulatory agency during the thick of the Great Depression that followed the crash of 1929.  Today the SEC is under attack by financial lobby, heavy scrutiny by the judicial system and its actions are resisted by the Republicans in the Congress.

Its five divisions aptly identify its role:  corporate finance; trading and markets; investment management; enforcement; and risk, strategy, and financial innovation.  In the recent past it is heavily involved with high-frequency trading due to May 2010 flash crash that temporarily erased $862 billion stock value, multi-billion dollar Ponzi schemes, fallout from the recent financial crisis, and the task of creating nearly 100 regulations to implement Dodd-Frank Financial Regulations Act.  To its credits, the agency collected more than $615 million form two cases related to the subprime mortgage mess.  Everyone hopes that it will deal with money market funds under the new leadership.

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