Mary Schapiro could have been triumphal in her talk today to the U.S. Chamber of Commerce.
The chairman of the Securities and Exchange Commission walked into the den of perhaps the agency’s leading adversary with a massive new regulatory law in her back pocket that greatly enhances the SEC’s powers.
That law demands the SEC undertake studies and rulemaking to get the job done.
Whatever you think of the merits of the administration’s plan to redo financial services regulation, you have to hand it to Deputy Treasury Secretary Neal S. Wolin, who gave a keynote speech to a U.S. Chamber of Commerce meeting today and spent most of it telling the Chamber it was dead wrong.
After laying out the post-crisis need for reform, Wolin said, according to a text of the speech:
“That is why it is so puzzling that, despite the urgent and undeniable need for reform, the Chamber of Commerce has launched a $3 million advertising campaign against it. That campaign is not designed to improve the House and Senate bills. It is designed to defeat them. It is designed to delay reform until the memory of the crisis fades and the political will for change dies out.”
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