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Wednesday, July 16, 2014

SEC Commissioner Powowar on FSOC

SEC Commissioner Michael Piwowar made remarks at the AEI Conference on Financial Stability regarding whether the Financial Stability Oversight Council (FSOC) can be effective in fostering financial stability in the United States. Piwowar noted that FCOS has become notorious for being unaccountable and non-transparent. The Commissioner focused his comments on two areas—“first, the outsized role the prudential regulators, and especially the Federal Reserve, play on the Council, and, second, the Council’s apparent disdain for non-banking subject matter expertise.”

Piwowar concluded his prepared remarks by reiterating his fear that the SEC’s mission is being compromised by the activities of prudential regulators on the Council.
With the Council’s steady march, led by its self-appointed “alpha-dog”—the Fed—into areas that are solely within the SEC’s jurisdiction, I am concerned that our mission to protect investors, maintain fair, orderly, and efficient markets, and promote capital formation is being compromised.
Read Piwowar’s full prepared remarks.

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