Bush's Deregulation Plans for Financial Markets Unveiled
WASHINGTON (AP) _ The Bush administration on Tuesday announced another package of plans to reduce red tape in the financial markets in its election year push to ease regulations.
As it has with agriculture, pharmaceuticals, banking and the environment, the White House rolled out a series of proposals to streamline regulations for Wall Street and commodities futures markets.
Both the Securities and Exchange Commission, which oversees stocks and bonds, and the Commodity Futures Trading Commission, which oversees futures contracts, presented their plans to meet President Bush's call for a review of unnecessary and expensive regulations.
Their proposals, many of them previously announced, included reducing the amount of information to be supplied to the largest and most sophisticated of investors in commodity futures. The information is required for smaller investors.
Another proposal would lower the threshold for filing simpler _ and cheaper _ SEC disclosure forms available to small companies.
Regulators said the deregulation would not endanger investors' access to information, CFTC Chairman Wendy Gramm said.
She said the emphasis would be on supplying "useful information rather than just this kind of eye-glazing stuff."
"We are not proposing to reduce disclosure to investors in a meaningful way," said SEC Chairman Richard Breeden, adding "We believe very strongly in the central role of disclosure to inform investors so they can select securities that they might be purchasing."
The proposed changes were heralded by Vice President Dan Quayle in a briefing at the Old Executive Office Building for industry leaders and government officials.
"`Many regulations are necessary but many are not. …