Senator: SEC lawyers must have more freedom to negotiate

01/28/2009 | Financial Week

U.S. Sen. Jack Reed, D-R.I., chairman of the subcommittee that oversees the Securities and Exchange Commission, said the agency should give its enforcement division the power to negotiate settlements without having to go to the full commission first. A policy by former SEC Chairman Christopher Cox requires the division to submit possible penalties before negotiating with companies under investigation. Reed said this policy has seriously weakened the division.

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