zimv20
May 11, 2004, 04:57 PM
link (http://www.nytimes.com/2004/05/10/business/10sec.html)
WASHINGTON, May 9 - The Securities and Exchange Commission has come under intense pressure from business and some members of the Bush administration to water down proposed rule changes in the way corporate boards are elected, mutual funds are governed and hedge funds are regulated.
The proposals, which flow from scandals in the mutual fund industry and at some of the nation's largest corporations, have split the agency largely along partisan lines. The two Democratic commissioners support them, the two Republicans have expressed skepticism about them, and the swing vote is in the hands of the agency's chairman, William H. Donaldson, a Bush appointee.
Mr. Donaldson has expressed support for the proposals in general terms, breaking ranks with his fellow Republicans on the commission to support the Democrats, notably Harvey J. Goldschmid, who has promoted the rule changes.
Inside the agency, officials and lobbyists say, Mr. Donaldson has indicated a willingness to temper some of the original proposals in response to industry criticism. How far the S.E.C. will go in watering them down is now playing out in its hallways.
(more)
isn't the SEC there to protect the little guy? i'm confused -- doesn't bush want to protect the little guy?
WASHINGTON, May 9 - The Securities and Exchange Commission has come under intense pressure from business and some members of the Bush administration to water down proposed rule changes in the way corporate boards are elected, mutual funds are governed and hedge funds are regulated.
The proposals, which flow from scandals in the mutual fund industry and at some of the nation's largest corporations, have split the agency largely along partisan lines. The two Democratic commissioners support them, the two Republicans have expressed skepticism about them, and the swing vote is in the hands of the agency's chairman, William H. Donaldson, a Bush appointee.
Mr. Donaldson has expressed support for the proposals in general terms, breaking ranks with his fellow Republicans on the commission to support the Democrats, notably Harvey J. Goldschmid, who has promoted the rule changes.
Inside the agency, officials and lobbyists say, Mr. Donaldson has indicated a willingness to temper some of the original proposals in response to industry criticism. How far the S.E.C. will go in watering them down is now playing out in its hallways.
(more)
isn't the SEC there to protect the little guy? i'm confused -- doesn't bush want to protect the little guy?
