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For those of use in listed companies...

"The U.S. Securities and Exchange Commission's new chairman could use a legal shortcut to water down disclosure requirements blamed for overburdening public companies, according to Harvey Pitt, a former SEC chairman who spoke at Tuesday's WSJ CFO Network annual meeting. "The SEC has a great deal of latitude here if it wants to take the initiative," Mr. Pitt told the gathering, as reported by Dave Michaels. Mr. Pitt also said the SEC should not rely on Congress for funding." So says the WSJ.

Are you in favor or think it's a bad idea and why?

Answers

Richard Archer
Title: Principal
Company: CG Management Solutions
(Principal, CG Management Solutions) |

Just curious - If the SEC should not rely on Congress for funding, where will the funding come from? The public firms being regulated by the SEC? That would seem to create a huge conflict of interest for a regulator that is already widely viewed as not actually regulating public companies (especially large ones) that are already engaged in illegal, unethical, or otherwise questionable financial reporting practices.

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