SEC Head Seeks Market Control
The chairman of the Securities and Exchange Commission said today his own agency--not the Federal Reserve Board--should have the lead role in regulating the nation’s financial markets.
David S. Ruder, testifying before the Senate Banking Committee, rejected a key recommendation of the presidential task force headed by former New Jersey Sen. Nicholas Brady. “The Federal Reserve lacks the necessary expertise regarding both equity and futures markets,” Ruder said during the second of four hearings by the committee on the Oct. 19 stock market plunge. Fed Chairman Alan Greenspan rejected the Brady proposal on Tuesday.
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