Ex-SEC Chief Calls For Stricter Market Regulation

Law360, New York (October 15, 2008, 12:00 AM EDT) -- At a congressional hearing on Thursday, the U.S. Securities and Exchange Commission received harsh criticism over enforcement policies from one of its former directors.

Arthur Levitt, who chaired the commission from 1993 through 2001, said at the hearing of the U.S. Senate Banking Committee that one of the key problems that led to the current financial meltdown was a failure of oversight from the securities regulator.

There was a complete lack of oversight of the financial markets on the part of the SEC and other regulators,...
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