New Bill Aims To Give SEC More Power

October 10, 2001( - House Financial Services Committee Chairman Michael Oxley (R-Ohio) introduced a bill giving the Securities and Exchange Commission (SEC) more power in the face of emergencies.

At present, emergency orders issued by the SEC are limited to 10 business days. The new bill aims to extend this to 30 business days, and in some cases, up to three months.

The bill also would broaden the SEC’s emergency-relief coverage to include all federal securities laws.

The legislation is co-sponsored by:

  • Representative John LaFalce (D – New York)
  • Representative Richard Baker (R – Louisiana), and
  • Representative Paul Kanjorski, (D – Pennsylvania)