SEC head objects to Obama financial watchdog plan

SEC head objects to Obama financial watchdog plan

www.miamiherald.com

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

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Yet more evidence of an amazingly dysfunctional and reactionary government where forethought for creating the logistics of an honest and well managed system is always superseded by desire for political headlines.

Yet another case where the Government tries to create overlapping systems of authority where no one ends up with the absolute authority that comes along with absolute accountability.

Two man chefs and not enough spoons. Here we have an Agency Head in part not doubt concerned about their fiefdom, power and political stature on one hand. On the other hand we have bureaucrats, political appointees, and politicians looking to make the system work simply be creating an overlapping system to go on top of and with it, rather than intelligently consulting with the Agency Head, experts, and heaven forbid the American People to rework the current Agency and it’s rules and system into something honest and functional.

Like Hitler the new Order of the New World Order is create lot’s of competing entities tasked with the same project and then let it be about their own egos, and power instead of actually safeguarding the population with fair and honest laws that make for a transparent and easily understood system that works the same way every day from top to bottom.

Washington is clearly out of control and the SEC plays a critical roll in the economy and the financial markets. Building 7 in the World Trade Center Complex which housed the SEC up to September 11, 2001 didn’t just accidently topple over for nothing.


www.miamiherald.com
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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.

Miami Herald

So once again the Office of the President is seeking to put a wide ranger of Agencies with different oversight, investigative, protection, prosecutorial powers over individual aspects of the Financial System and it’s Markets under the Umbrella Leadership of one new agency and its Director similar to Home Land Security.

I wonder how long it will take all that to then fall under the umbrella of Homeland Security.

Just what America needs more people to pass the buck to when fewer of us have a buck left to our name.

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.

Miami Heral

So even Obama's appointee is having a hard time seeing eye to eye with him on this.

It might give one pause to wonder just how much control President Obama has over key agency appointees and his own Administration or if President Obama is even in charge at all.

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.

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.

If only we were so lucky to all be the SEC Chairman...not! That is one hot seat to be in, in today's world.

I think this is more Obama's plan and style as he rapidly abdicates what is left of America's Sovereignty

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.

Miami Herald

The Federal Reserve would be the top cop evidently in the new system President Obama favors.

That's like putting the inmates in charge of the Courts and the Jails!