Originally Posted by
evince
Voluntary regulation doesn't work, SEC's Cox says
By Rex Nutting
Published: Oct 23, 2008 10:32 a.m. ET
WASHINGTON (MarketWatch) -- Financial regulators made "fateful mistakes" that helped drive the global financial system to the brink, said Chris Cox, chairman of the Securities and Exchange Commission, in congressional testimony Thursday. Cox said he and other regulators have learned many lessons, chiefly that "voluntary regulation does not work." Cox urged Congress to fill "regulatory gaps" that are still putting the economy at risk. "The lessons of the credit crisis all point to the need for strong and effective regulation, but without major holes or gaps." Cox said Congress should appoint a select committee to address the challenges of regulation on a comprehensive basis.
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