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By MARTIN CRUTSINGER and MARCY GORDON
Associated Press Writers
WASHINGTON -- The head of the Securities and Exchange Commission is objecting to a plan being considered by the Obama administration to create a new financial watchdog to protect consumers.
SEC Chairman Mary Schapiro said such a new entity, which was discussed Tuesday night by Treasury Secretary Timothy Geithner and other officials, would reduce the SEC's authority and damage government protection of investors.
"I question pretty profoundly any model that would try to move investor protection functions out of the Securiti
The proposal the administration was considering would centralize the enforcement of laws that protect consumers of financial products, such as credit cards, mortgages and mutual funds. That effort currently is spread across a number of federal and state agencies, including the SEC, with oversight of mutual funds and other investments, the Federal Reserve and Federal Trade Commission.
Any changes to the nation's financial rule book and oversight will require congressional action and it's unclear whether lawmakers will unite behind a single approach this year.
Schapiro's comments marked her first sharp public breach with the administration over the shape of the overhaul of rules designed to prevent another massive financial breakdown. Schapiro has in recent weeks affirmed in testimony to Congress, which is debating the changes, her position that the SEC must play a key role as an independent watchdog protecting investors in any new financial regulation system.
Originally posted by jam321
Well, i guess you can soon add one more person to the unemployment lines. It isn't good to criticize Obama. She ought to get with the program and do as he says.
This plan must be Obama's short term plan for creating jobs.
Schapiro also has said she favors the idea floated recently by Sheila Bair, the head of the Federal Deposit Insurance Corp., for a new "systemic risk council" to monitor large institutions against financial threats that would include the Treasury Department, Fed, FDIC and SEC. The White House, by contrast, leans toward recommending that the Fed alone become the new supercop for "too big to fail" financial companies capable of setting off another meltdown.