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At SEC, discontent grows over closed U.S. risk council meetings 

April 4, 2014
Sarah N. Lynch, Reuters

Criticism is rising within the U.S. Securities and Exchange Commission over the structure of a new regulatory body that assesses risk in the financial markets, with some commissioners saying they are being wrongfully excluded from the group's critical decision-making process.

SEC Commissioner Luis Aguilar, a Democrat, on Wednesday became the latest agency member to speak out against the way the Financial Stability Oversight Council is run, saying the council's closed-door approach to regulation threatens to undermine its mission.

The FSOC was created by the 2010 Dodd-Frank Wall Street reform law to keep an eye on emerging systemic risks.

It comprises the heads of all the top regulatory agencies including the chair of the Federal Reserve, and is chaired by Treasury Secretary Jack Lew. The group can impose additional regulations on large financial firms that could destabilize the economy if they failed.

Read more: Reuters

 
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