SEC Commissioner Calls FSOC's Reach 'Troubling'

By Erica Teichert (August 1, 2013, 2:23 PM EDT) -- Outgoing Republican U.S. Securities and Exchange Commissioner Troy Paredes voiced concern on Thursday that the Financial Stability Oversight Council may undermine the independence of its underlying federal regulators, calling the inter-agency group's power and influence "troubling."

Although Paredes maintained that he believed the SEC would have pushed for money market fund industry reform without FSOC pressure, he called the body's ability to put pressure on independent agencies a "concern that for me persists" as FSOC cements its position in the federal financial regulatory system.

"The FSOC runs some risk that it could encroach on our independence in effect through its ability...

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