BILL SINGER: Rep. Carolyn McCarthy, D., N.Y., offered an amendment to authorize a study of whether investment advisers should be subject to regulation by an SRO. The McCarthy amendment passed this hot potato to the SEC for investigation and anticipates a report within six months. Wimpy is smiling. There must be some 24 Tuesdays in those six months of SEC investigation and report drafting.
I see this aspect of the committee's legislative role as shameful--sorry, but strong words are required for such pusillanimous behavior.
Surely, there is enough information before the members of the Financial Services Committee as to whether self-regulation is a viable form of Wall Street regulation in this day and age. Forests of trees are now devastated to produce the paper on which self-serving studies and reports have been printed by both sides of the SRO debate. If you wish more than that, how about simply Googling that SRO query and sitting at a computer screen for several hours (if not days) as you plow through the massive number of hits?
To read more of Bill's weekly Forbes column, visit:
STREET'S LEADING ONLINE COMMUNITY