Jan. 27 (Bloomberg) — Banking regulators are crowding out the Securities and Exchange Commission in decisions that affect how capital markets are overseen, a top securities regulator said today.
Other agencies including the Federal Reserve have used the Financial Stability Oversight Council to influence rules for money-market mutual funds and potentially tighter regulation of asset managers, SEC Commissioner Michael Piwowar said. The council, known as FSOC, recommended new rules for money-market funds in 2012 after the SEC earlier couldn't agree on a new proposal.
"The FSOC, within which the banking and prudential regulators exert substantial influence, represents an existential threat to the SEC and other member agencies," Piwowar said in remarks prepared for a speech to the U.S. Chamber of Commerce.
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