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.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.