Sen. Schumer to propose allowing SEC to keep fines it collects

Sen. Charles Schumer, D-N.Y., is seeking to bolster the Securities and Exchange Commission's oversight capabilities by proposing a bill that would allow the agency to retain the fines it levies. "We look forward to reviewing Sen. Schumer's legislative proposal and considering how it would build upon the many reforms we are already undertaking to revitalize the agency," said John Nester, an SEC representative. However, industry observers and even SEC Commissioner Luis Aguilar said the move would create a conflict of interest for the agency.

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