With a fiery speech before the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, Michael Piwowar, one of the newest members of the Securities and Exchange Commission, elaborated on his priorities for the term ahead and addressed the “existential threat” posed to his commission by bank regulators steadily creeping onto its turf.
Speaking on Monday morning, he railed against “banking regulators trying to impose their bank regulatory construct on SEC-regulated investment firms and investment products.” The Commission, he said, is responsible for regulating markets, but those agencies, through the Financial Stability Oversight Council, are trying to stake a claim.
