Securities & Exchange Commission (SEC) Chairman, Mary Schapiro says the agency continues its implementation of Dodd-Frank and will take the necessary time to get it right in order to prevent another financial crisis. Schapiro’s remarks came during a Q&A session at the annual Investment Company Institute’s General Membership Meeting in Washington.
She stated that federal regulators are "obviously very focused" on the announced trading losses at J.P. Morgan Chase & Co. She declined to comment on whether the trade gives an impetus to regulators to adopt the Volcker Rule, which seeks to limit speculative trading.
In a May 2 article in the Wall Street Journal, Jessica Holzer and Andrew Ackerman reported that the Investment Company Institute is spearheading an effort to stop a SEC plan to tighten restrictions on the money-market mutual fund industry, requiring funds to have enough cash on hand to cover customer requests during "times of market stress."
Mary Schapiro has served as the chairman of the SEC since Jan. 2009, the first woman to do so. Prior to becoming chairman of the SEC, she served as CEO of the Financial Industry Regulatory Authority, a non-governmental regulatory body.
The Investment Company Institute is a national association of investment companies, including mutual funds, exchange traded funds, and other financial instruments. According to its website, members of ICI manage total assets of $13.4 trillion.
The ICI General Membership Meeting is a forum for investment professionals to discuss issues in the industry.