Dodd-Frank May Weaken SEC Power, Commissioner Says

Law360, Washington (February 22, 2013, 8:21 PM EST) -- U.S. Securities and Exchange Commissioner Daniel Gallagher blasted bank regulators and Congress for chipping away at his agency's independent regulatory authority on Friday, claiming collaborative councils and the Dodd-Frank Act's overarching legislation could undermine the commission's purpose.

While the SEC often receives considerable flexibility to research and establish new rules, Gallagher said the Dodd-Frank Act imposed tight time restrictions and hundreds of highly prescriptive regulatory mandates on the SEC and other agencies, which have overwhelmed the commission's limited resources and overtaken its other responsibilities.

"If one...
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