The way to prevent more Madoff-type looting is for professionals to regulate their own industry, the congressman writes.
By Staff Writer|August 06, 2012 at 09:23 AM
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“A bipartisan bill now moving through Congress could prevent losses from fraud in the future by giving financial advisors a mandate to regulate themselves,” Spencer Bachus writes in a Wall Street Journal opinion piece on Monday.
Bachus, R-Ala., chairman of the House Committee on Financial Services, then slams federal regulators “whose job is to enforce the law and protect investors from bad actors,” saying they “often had no clue or took no notice of what was going on right under their noses until it was too late.”
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