The Hill: Trump's Wall Street cop will clean up Obama's financial regulatory mess
By Paul Atkins
Recent revelations regarding cybersecurity breaches at the U.S. Securities and Exchange Commission highlight the mismanagement and misplaced priorities that took place at the agency during the Obama administration. Between 2009 and 2016, critical operational issues and infrastructure problems were ignored as the SEC strayed from its tripartite mission of protecting investors, facilitating capital formation, and ensuring efficient capital markets.
Fortunately, the response of the SEC’s new chairman, Jay Clayton, to revelations of damage caused to the agency by its Obama-era operational deficiencies show that he is competently tackling these issues that he inherited and demonstrate his preparedness to undo the SEC’s misguided approaches to rulemaking, management, and organization of the last eight years.
A prime example of the agency’s previously misguided agenda is the suite of investment management-focused rulemakings advanced by the SEC in 2015 and 2016, including final rules on data reporting and liquidity risk management, and proposed rules governing the use of derivatives and transition planning by funds. Each of these rulemakings began with a public discussion of how to efficiently modernize disclosure for the benefit of mutual fund investors.
Read the full op/ed in The Hill here.