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Thursday, November 22, 2012

Who Should Lead the SEC?

I don't know enough about this -- what more can you tell me about who should lead the S.E.C.?:

Mary Miller vs. Neil Barofsky for the S.E.C.?, by Simon johnson, Commentary, NY Times: The Obama administration is floating the idea that Mary J. Miller, under secretary for domestic finance at the Treasury Department, could become its nominee to lead the Securities and Exchange Commission. Ms. Miller, a longtime executive in the mutual funds industry, has served in the Treasury under Timothy Geithner since February 2010.
Ms. Miller represents the financial sector's preferred approach to financial reform - some talk but very little by way of serious effort. ... And there is no willingness to really face down powerful people on Wall Street.
Her potential candidacy faces ... obstacles... Mr. Barofsky is the most important obstacle... The former special inspector general for the Troubled Assets Relief Program ... he is an experienced prosecutor who understands complex financial fraud. ... Mr. Barofsky is a lifelong Democrat who has enjoyed bipartisan support in Congress. ...
A petition that Credo Action has put online urging President Obama to appoint an S.E.C. chairman who will hold Wall Street accountable, and naming Mr. Barofsky as a worthy choice, had more than 35,000 signatures by Wednesday morning.
The petition also recommends former Senator Ted Kaufman of Delaware and Dennis Kelleher of Better Markets - both of whom I endorsed here last week - and it expresses support for Sheila Bair, who would be terrific ...
Mr. Barofsky is not popular with Mr. Geithner, precisely because he has stood up to authority for all the right reasons. ... The mutual fund industry does not want reform...
Choosing a new chairman of the S.E.C. is the perfect time for President Obama to decide whether, despite everything, to go for the status quo - which brought us to our current economic predicament - and nominate Ms. Miller for the S.E.C. Or does he really want effective change? In that case, he should nominate Mr. Barofsky or someone who can match his stellar qualifications.

    Posted by on Thursday, November 22, 2012 at 01:50 PM in Economics, Financial System, Regulation | Permalink  Comments (12)


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