Regulatory Reform: Eliminating SEC's Programs 2836
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From the paper ‘Financial Regulatory Reform: A New Foundation’ by the US Department of the Treasure, we read:
Eliminate the SEC’s Programs for Consolidated Supervision
The SEC has ended its Consolidated Supervised Entity Program, under which it had been the holding company supervisor for companies such as Lehman Brothers and Bear Stearns.
We propose also eliminating the SEC’s Supervised Investment Bank Holding Company program.
Investment banking firms that seek consolidated supervision by a U.S. regulator should be subject to supervision and regulation by the Federal Reserve.