November 15, 2009

House Bill Would Create External Ombuds for SEC

Earlier this month, the House Financial Services Committee approved H. 3817, which would reform the Securities and Exchange Commission and strengthen its powers to protect investors and to regulate the securities markets. A late amendment by Kevin McCarthy (R-CA22) to the bill would create an Ombuds position reporting directly to the SEC Chairperson. The proposed SEC Ombuds would serve as a confidential liaison and be able to make policy recommendations. Rep. McCarthy sponsored a similar bill in the last legislative session that was unsuccessful. (GovTrack, H. 3817 status; McCarthy Amendment.)

Related post: House Bill Would Create SEC Ombuds Office.

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