A relatively new Commissioner of the U.S. Securities and Exchange Commission is clearly doing her best to look out for the interests of the American people and the U.S. economy. Kara Stein has recently taken some very clear and strong positions on behalf of the public interest during consideration of two key recent rules that are central to the implementation of the 2010 financial reform law: Protecting investors, taxpayers, the financial system and the economy from the risks posed by Money Market Funds and Cross-Border derivatives trading – both of which played prominent roles in the financial collapse in 2008.
Ms. Stein has proven a fearless fighter in the push for robust and durable financial reform. She has been brilliant in reminding everyone of the financial crash and what really happened just a few short years ago. She has also cogently described the problems that ensued as the U.S. and global economies spiraled downward. She is focusing on putting rules in place that would prevent a similar catastrophe from happening again.
Here are Stein’s comments on both the Cross-Border derivatives trading and Money Market Funds votes, which are well worth reading. She has also given a number of important speeches illustrating the clear need for strong reform and investor protection, including the following:
Remarks Before the Peterson Institute of International Economics (Three key areas where the SEC can play a critical role in addressing systemic risks)
Keynote Address at Compliance Week 2014 (Promoting a strong culture of compliance as a strength of the American financial market)