Commentary: House-passed reform bill greatly expands SEC's power

12/17/2009 | NYTimes.com

Writing in a New York Times commentary, Peter J. Henning, a professor at Wayne State Law School, says a little-noticed provision in the regulatory-reform bill passed by the House last week would greatly expand the regulatory reach of the Securities and Exchange Commission. The provision gives the SEC access to grand jury material and speeds up investigations, among other items. "These provisions have not been the main focus of the legislative debate, and their fate depends on Senate approval. Still, their effects may be significant for years to come as the SEC expands its regulatory reach and lawyers pursue claims against financial companies and brokers," Henning wrote.

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