SEC Powers May Be Reviewed | AccountingWEB

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.

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