Lawmaker Introduces Bill To Restructure SEC

Law360, Wilmington (August 3, 2011, 10:11 PM EDT) -- House Financial Services Committee Chairman Spencer Bachus, R-Ala., announced plans Tuesday for a bill that would drastically alter the structure of the U.S. Securities and Exchange Commission, saying increased funding alone cannot cure the agency’s ills.

Bachus stressed in a statement that his SEC Modernization Act should not be construed as a rebuke of the agency’s leadership, but, rather, a bid to remedy the dysfunctional structure of the agency with long-overdue reform.

The legislation would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to...
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