States' securities officials have expressed concern that they will lose authority if proposals for establishing a federal systemic-risk regulator are approved. Financial industry insiders are lobbying for a risk regulator at the federal level. "State regulators have a role to play in the regulatory universe. But at the systemic-risk level, there are perhaps others who bring skill sets more closely aligned to the goals of the financial market stability regulator," said Travis Larson, a spokesman for SIFMA.
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