|  | | 2006 News and Press Releases | | |
HEADLINE NEWS:
Deregulation Returns To Wall Street
Liz Moyer
Forbes. November 30, 2006
_________________________________________________________________________
EXCERPT: Surprise, surprise: After a season of navel-gazing reform on Wall Street, deregulation is back in style. Last week it was the National Association of Securities Dealers and NYSE Group's regulatory arm saying they would combine many of their enforcement, licensing, examination and surveillance functions into a new regulator for Wall Street, ending decades of dual regulation for the 200 largest broker-dealers, who now will only have to submit to one set of rules and exams. Thursday, another group, the Committee on Capital Markets Regulation, submitted an interim report on its study of how to improve the competitiveness of U.S. markets, and its conclusion was to lighten many legal and regulatory burdens on U.S. businesses. "We do believe that this is a serious competitive problem," said Glenn Hubbard, the dean of Columbia University's school of business and one of the co-authors of the report, at a press conference Thursday in New York. Yes, stock markets are at record high levels, but they could be "higher but for some of the legal and regulatory impediments" imposed by the U.S. system. The committee has no legal standing to put its proposals into effect, but its members are influential and have ties to key federal policy makers. The other co-author of the report is John Thornton, a former president of Goldman Sachs. U.S. Treasury Secretary Henry Paulson is the former chief executive of Goldman, and he endorsed the formation of the committee earlier this year. The interim report was funded by an anonymous "wealthy philanthropist" and by the Starr Foundation, run by ex-American International Group Chief Executive Maurice Greenberg. |
|
|
