Magazine article American Banker

Clinton's Nominee for SEC Vows Cooperation with Other Agencies

Magazine article American Banker

Clinton's Nominee for SEC Vows Cooperation with Other Agencies

Article excerpt

WASHINGTON -- The Clinton administration's nominee to head the Securities and Exchange Commission on Tuesday pledged closer coordination with bank and futures regulators to avoid inefficient and duplicative oversight and to prevent panic in the financial markets.

At his Senate confirmation hearing, Arthur Levitt Jr. said he is not "overly sanguine" about regulators' ability to work together as closely as Congress would like.

But Mr. Levitt said he would set up meetings with the Federal Reserve, the Office of the Comptroller of the Currency, and the Commodities Futures Trading Commission to discuss closer cooperation in regulating financial markets.

|Clearly Is Duplication'

"There clearly is duplication in terms of regulation of our financial markets," he said. "In the best of all possible worlds, I would say that should not be."

But the former chairman of the American Stock Exchange rebuffed calls to merge the agencies into a single financial "superregulator," saying he preferred a less drastic "step-by-step" approach.

Nonetheless, he urged Congress to continue pushing regulators to work together.

"You as an overseer have got to nudge us," he said.

At the hearing, members of the Senate Banking Committee repeatedly called for a more cordial relationship among the agencies.

Sen. Christopher J. Dodd, D-Conn., called the previous administration's record of financial coordination "an abysmal failure," recalling instances of regulators' "publicly bickering with one another" at congressional hearings. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.