Donaldson Rejects Direct SEC Regulation of NYSE

[Socialist Christian]

http://story.news.yahoo.com/news?tmpl=story&cid=1895&ncid=1895&e=5&u=/nm/20031120/us_nm/financial_congress_nyse_dc

<snip>

WASHINGTON (Reuters) - A suggestion that Washington should directly regulate the scandal-torn New York Stock Exchange (news - web sites) was quickly rejected by Securities and Exchange Commission (news - web sites) Chairman William Donaldson on Thursday.



Sen. Paul Sarbanes, the Maryland Democrat who has driven the Senate's corporate and accounting reform agenda, suggested at a congressional hearing the SEC could take on regulating the NYSE with a modest staff increase.


But Donaldson told reporters after the Senate Banking Committee hearing: "I do not think at this juncture that the SEC should be running stock exchanges."


As the committee explored possible reforms for the Big Board, committee Chairman Richard Shelby on Thursday called for a thorough congressional review of a plan to reorganize the NYSE, the world's largest exchange.


The Alabama Republican described public reaction to the reform plan as "decidedly mixed" and said the proposals, drawn up by interim NYSE Chairman John Reed, "may be the first step in a more lengthy reform process."

[shance]

1. How can these people just say no to an investigation?

Who the hell are they?

[Socialist Christian]

2. They must be somebody <nt>

[NashVegas]

3. If the Choice is Between the Feds & the NYS AG

I take the attorney general.

[The Backlash Cometh]

4. Who would be the best regulator?

Definitely someone who can strike terror in the hearts of the greediest members of our society. He or she would also have to be above reproach, and should be given some job security as long he/she gets results.