Yesterday, the House Financial Services Committee held a hearing entitled “Oversight of the U.S. Securities and Exchange Commission.”
At that hearing, Chairman Schapiro, the only witness to testify, said the Commission is considering scaling back its initial proposed definition of municipal advisor and that the rule proposed in 2010, “cast the net too widely.”
Today’s issue of the Bond Buyer contains a story focusing on these comments adding that Schapiro went on to say, “[w]hen we get to final rules, I think you will see that we have tailored the rules quite a bit” and the current definition is “probably too broad, and includes activities that don’t necessarily need to be regulated by the SEC.”
The article went on to say that members of the committee, including Bachus and Garrett, urged Schapiro to ensure the SEC considers the economic impact that its new rules, including the proposed Volcker Rule, would have on the financial industry.
The full Bond Buyer story can be found [here.]
