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II Research Group

Reforming the Regulators

By Frank Meyer
December 2009/January 2010

Keywords: regulation, reform, regulators, financial services, hedge funds, alternatives, banks and banking

Ever since the obama administration put forth its proposal for regulatory reform in June, a flood of alternatives have been promulgated — most recently, the 1,135-page draft legislation from Connecticut Senator Christopher Dodd. All of these proposals are flawed, however, because they focus only on what will be regulated and who will do the regulating. They fail to address the fact that the regulatory process itself needs to be reformed, without which any legislative change has no hope of achieving its objectives.

In the 35 years I’ve spent running businesses regulated by the Securities and Exchange Commission, the Commodities Futures Trading Commission, the Department of Labor and various state banking authorities, I have seen several regulatory reforms, and in each case the sequence of events has been the same. First, a calamity occurs (such as the collapse of Enron Corp. or Lehman Brothers Holdings) that causes a public outcry...

Comments (2)

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Frank Sinclair Jan 21, 2010

I agree with article calling for the regulators be required to pass aqualificatin test and for for th investigation of crooked operators to be handled by an agency that the " best and smartest" people available. I have been a small investor for over 30 years and my experience with the SEC haas all been bad: that is worthless.

roy Jan 10, 2010

Regulation should be seen as an asset to a market. Simply put, "Invest in country X because you won't get taken." The US used to have that reputation, but investors seem more bored with the predictable returns of a 50's style market than worried about being wiped out by sharps.

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Thursday September 02, 2010