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November 15, 2011The Honorable Jack Reed The Honorable Michael D. CrapoChairman Ranking MemberSubcommittee on Securities, Insurance Subcommittee on Securities, Insuranceand Investment and InvestmentCommittee on Banking, Housing and Committee on Banking, Housing andUrban Affairs Urban AffairsUnited States Senate United States SenateWashington, D.C. 20510 Washington, D.C. 20510Dear Chairman Reed and Ranking Member Crapo:The U.S. Chamber of Commerce, the world’s largest business federation representing theinterests of more than three million businesses and organizations of every size, sector and region,believes that effective regulators are needed to ensure the safety and soundness of the financialmarkets.As the Senate Committee on Banking, Housing and Urban Affairs Subcommittee onSecurities, Insurance and Investment holds a hearing entitled “
Management and Structural Reforms at the SEC,
” the Chamber would like to draw your attention to a report,
(“Report”). Thisreport was released by the Chamber on February 11, 2009 and makes 23 recommendations torefine the core operations of the SEC to improve the agency’s regulatory oversight.While some improvements have been made to the management and operations of theSEC, much remains to be done. Effective financial regulatory reform cannot take place until theregulators themselves are better managed and have the tools and expertise needed to understandthe markets that they regulate. Among the recommendations that are needed to create a moreeffective agency includes:
The SEC should create a Chief Operating Officer (COO) position with sufficientauthority to oversee daily operations throughout the SEC;
The SEC should establish a coordinating council, chaired by the COO, to resolve issuesor disagreements involving more than one division or office;
The SEC should expand the breadth of its staff expertise complementing legal andaccounting expertise with staff experts in capital markets operations and the businessoperations of regulated entities as well as financial economics;
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Comments to Senate Committee on Banking, Subcommittee on Securities, Insurance and Investment on SEC Structural Reform -- 11/15/2011
Comments from the U.S. Chamber's Center for Capital Markets Competitiveness on SEC structural reforms.
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