Wall Street Self-Regulator Makes Case for More Power

Discussion in 'Wall St. News' started by schizo, Sep 13, 2011.

  1. schizo


    No doubt SEC is a useless entity, but should we allow the fox to guard the henhouse?

    Wall Street Self-Regulator Makes Case for More Power


    Wall Street's self-regulator is stepping up its bid for more power, telling Congress on Tuesday that it is well equipped to replace the Securities and Exchange Commission as overseer of the investment advisory industry.

    The Financial Industry Regulatory Authority, or Finra, which already examines some 4,500 broker dealers, now wants to add more than 11,000 investment advisory firms to its docket. The push has ignited concern among investment advisers and even some regulators, who question the wisdom of trusting Wall Street to police itself.