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Cox to Congress: Major Regulatory Holes Need Fixing

Melissa Klein Aguilar | September 24, 2008

As lawmakers craft a plan to reform the financial system and calm the crisis in investor confidence, the chairman of the Securities and Exchange Commission urged them to fix two major regulatory holes.

In testimony before the Senate Banking Commitee Sept. 23, SEC chairman Christopher Cox warned lawmakers that the lack of regulatory authority over investment bank holding companies was a “costly mistake” and said a similar regulatory hole related to credit default swaps “must be immediately addressed to avoid similar consequences.”

CoxCox repeated his call for Congress to give the SEC or another government agency direct statutory authority over investment bank holding companies. There's no...

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