SEC Powers May Be Reviewed

Legislators in Washington are considering an examination of the regulatory powers held by the SEC, with an eye toward modernizing some of the commission's more antiquated rules and cutting back the far-reaching powers of the SEC.

Led by Phil Gramm (R-TX), head of the Senate Banking Committee, members of Congress may take aim at the fact that present day securities laws are not adequate with respect to emerging technologies. In addition, Senator Gramm is said to favor repeal of the 1975 law giving the SEC authority to create a national market system wherein all of the stock exchanges are required to share price and trading information.

Democratic members of Congress may vent opposition to any change, but it is felt that the time is ripe for reconsideration of the SEC's scope. SEC Chairman Arthur Levitt is stepping down after the first of the year and President-elect Bush will be appointing a new chairman to the post.

You may like these other stories...

By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...
By Jason BramwellAttorney General Eric Holder is scheduled to testify on May 15 before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for...
By Jason BramwellPresident Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups, according to a May 13 article in...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.