The chairman of the Securities and Exchange Commission on Tuesday defended the agency’s record in pursuing corporate misconduct, rebuffing accusations that it may be tilting toward business interests, The Associated Press reported.
At the same time, the chairman, Christopher Cox, showed some understanding for Republican lawmakers’ complaints that class-action lawsuits against corporations had grown out of control, the AP reported.
“Regulation has costs. So does litigation,” Cox said at a hearing of the House Financial Services Committee, where he appeared with the other four commissioners. He said regulators must be “particularly attentive” to potential conflicts of interest on the part of those who sue companies, the AP reported.
The hearing was the first time in a decade that all five commissioners testified together before Congress. It came as business interests have been pressing for an easing of corporate governance rules and for restraints on class-action lawsuits against corporations and auditors. But investor advocates see recent moves by the SEC under Cox as favoring business and Wall Street, the AP reported.-New York State Society of Certified Public Accountants
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
