A recently disclosed plan that could strip certain powers from the Securities and Exchange Commission has created the first public wedge between the Obama administration and SEC Chairman Mary Schapiro.
The Obama administration is considering a proposal that would give the Federal Reserve more authority and cause it to take over some functions currently performed by the SEC. Among the responsibilities that could move away from the SEC, Bloomberg reports, are oversight of mutual funds. In addition, there is discussion of creating a new agency to police consumer-finance products.
