If the SEC seems political nowadays, it is because of Dodd-Frank. Obtaining such support for Dodd-Frank, however, would have entailed tempering the statute by legislative compromise, meaning its authors would have had to listen to competing ideas and jettison some of the “progressive” wish-list items jammed into the 2300-page behemoth. Prior to the enactment of the Dodd-Frank Act, every major piece of securities legislation since the New Deal - including the Exchange Act which created the Commission, as well as the 1940 Acts, the 1975 Act amendments, the Remedies Act of 1990, NSMIA, and notably Sarbanes-Oxley - enjoyed bipartisan support. history that was rammed through Congress without bipartisan support. Indeed, Dodd-Frank stands as the only piece of major securities legislation in U.S. While, as I’ll discuss further shortly, the Fed, FDIC and OCC were busy leveraging the financial crisis to grow their prudential empires, the SEC became the implementing tool for the long pent-up dreams of liberal policymakers and special interest groups. And, as is always the case with grandiose central plans, Dodd-Frank has backfired, strangling our economy, increasing the fragility of the financial system, and politicizing our independent financial regulators.
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Last month marked the fifth anniversary of the Dodd-Frank Act, meaning that my entire tenure as a Commissioner has occurred in the midst of the first Five-Year Plan for our national economy. It has been an honor and a privilege to serve as a member of the Commission, and I hope my contributions have helped further the debate on how best to accomplish the mission of the SEC. I would like to thank him for his friendship and collegiality during our time together on the Commission.Īfter four years of sprinting through a marathon course, my time at the Commission is drawing to a close. It is also special to have Commissioner Piwowar here today.
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#Frank speech free#
The Center has remained a zealous and effective advocate for capital formation and free markets during a period in which these bedrocks of our economy have constantly been under attack, and it is an honor to be here today to share my thoughts with you. This will likely be my last formal speech as an SEC Commissioner, and I can think of no better audience than the Chamber’s Center for Capital Markets Competitiveness. I appreciate the invitation to speak to you today. Thank you, David for that overly kind introduction.