SEC's Piwowar Stokes Long-Simmering FSOC Turf Battle

By Stephanie Russell-Kraft (July 16, 2014, 7:51 PM EDT) -- U.S. Securities and Exchange Commissioner Michael S. Piwowar's colorful criticism Tuesday of the Financial Stability Oversight Council's role in market reform — calling it the "Firing Squad on Capitalism" — revealed deep tensions between the SEC and the Federal Reserve and showed the SEC's continued fear of losing ground in the regulatory realm.

The Republican commissioner, vowing to protect the SEC's seat at the regulatory table, accused the Federal Reserve of leading the FSOC on a "steady march" into areas solely within the SEC's jurisdiction.

In a speech to the American Enterprise Institute, Piwowar shared a roster of scathing nicknames for...

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