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November 5, 2012

April 12, 2012 – House Financial Institutions Capital Markets Subcommittee hearing entitled "Oversight of the U.S. Securities and Exchange Commission."

Subcommittee Chairman Scott Garrett opening the hearing with an announcement that the scope of the hearing would be expanded from the original focus of money market funds to included the SEC’s handling of their cost/benefits studies in the rule making process. SEC Chairwoman Mary Shapiro had recently announced new cost/benefit study guidance that was to dominate the hearing’s discussions.

“Is the new guidance binding ? asked Chairman Garrett. “Yes”, replied Chairwoman Shapiro but only to the extent that it was being followed by SEC personnel. She added that she did not believe the guidance had to be approved by the SEC Board.

Congressional Activities

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