{"id":5153,"date":"2011-03-30T00:00:00","date_gmt":"2011-03-30T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/03\/impartiality_of_sec_report_by"},"modified":"2011-03-30T00:00:00","modified_gmt":"2011-03-30T05:00:00","slug":"impartiality-of-sec-report-by","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/impartiality-of-sec-report-by\/","title":{"rendered":"Impartiality of SEC Report by Boston Consulting Group Questioned by Key House Republicans"},"content":{"rendered":"<p>Rep. Randy Neugebauer (R-Texas), who is the Financial Services Oversight Subcommittee chairman, and Rep. Spencer Bachus (R-Ala.), the House Financial Services Committee chairman, have sent a letter to US Securities and Exchange Commission Chairman Mary Schapiro asking her about Boston Consulting Group Inc.\u2019s recent report on the recent report on SEC reform. Even though BCG is an independent consultant, the two GOP members are questioning the report\u2019s impartiality.<\/p>\n<p>In their letter, they asked Schapiro to disclose what (if any) editorial input the SEC provided on the content of the BCG report. They also want to see any earlier drafts that BCG may have sent the SEC Chairman. Neugebauer and Bachus said that given the regulatory failures from the 2008 economic collapse, it was important that BCG was allowed compete independence to do its job and that the report did not undergo any editorial deletions, review, or insertions by the SEC. <\/p>\n<p>Dodd-Frank Wall Street Reform and Consumer Protection Act\u2019s Section 967 had directed the SEC to retain the services of an independent consultant to analyze the agency\u2019s structure and operation, as well as suggest reforms. BCG issued its report on March 10. Among its recommendations: for the SEC:<\/p>\n<p>\u2022\tHire staff with \u201chigh-priority\u201d skills<br \/>\n\u2022\tInvest in key technology systems, <br \/>\n\u2022\tImprove oversight over SROs (self-regulatory organizations)<br \/>\n\u2022\tIf Congress determines that the SEC cannot fulfill expectations by further optimizing its resources, the lawmaking body should \u201crelax\u201d funding constraints <\/p>\n<p>BCG has said that it stands by the report\u2019s \u201cintegrity and independence.\u201d Meantime, Schapiro has said that the report confirms her own worries that the SEC lacks the resources to do all that it is expected to accomplish. <\/p>\n<p>Our<a href=\"https:\/\/www.securities-fraud-attorneys.com\/\"> institutional investment fraud lawyers<\/a> have successfully represented clients throughout the US. <\/p>\n<p><strong>Related Web Resources:<\/strong><br \/>\n<a href=\"https:\/\/www.washingtonpost.com\/business\/economy\/integrity-of-report-on-sec-questioned\/2011\/03\/17\/AB0fJ6m_story\">Integrity of report on SEC questioned<\/a>, Washington Post, March 18, 2011<\/p>\n<p><a href=\"https:\/\/www.sec.gov\/news\/press\/2011\/2011-65.htm\">Statement From Chairman Schapiro on Independent Consultant Report of SEC Organization and Operations<\/a>, SEC, March 10, 2011<\/p>\n<p><a href=\"https:\/\/www.sec.gov\/news\/studies\/2011\/967study.pdf\">Read the BCG Report<\/a> (PDF)<\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/2011\/03\/sec_needs_to_keep_closer_eye_o\">SEC Needs to Keep a Closer Eye on FINRA, Says Report<\/a>, Stockbroker Fraud Blog, March 15, 2011<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/impartiality-of-sec-report-by\/#more-5153\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Randy Neugebauer (R-Texas), who is the Financial Services Oversight Subcommittee chairman, and Rep. Spencer Bachus (R-Ala.), the House Financial Services Committee chairman, have sent a letter to US Securities and Exchange Commission Chairman Mary Schapiro asking her about Boston Consulting Group Inc.\u2019s recent report on the recent report on SEC reform. Even though BCG [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3960,3740,3761],"tags":[],"class_list":["post-5153","post","type-post","status-publish","format-standard","hentry","category-doddfrank-wall-street-reform-a","category-miscellaneous","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Impartiality of SEC Report by Boston Consulting Group Questioned by Key House Republicans &#8212; Investor Lawyers Blog &#8212; March 30, 2011<\/title>\n<meta name=\"description\" content=\"Rep. Randy Neugebauer (R-Texas), who is the Financial Services Oversight Subcommittee chairman, and Rep. Spencer Bachus (R-Ala.), the House Financial &#8212; March 30, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/impartiality-of-sec-report-by\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Impartiality of SEC Report by Boston Consulting Group Questioned by Key House Republicans &#8212; Investor Lawyers Blog &#8212; March 30, 2011\" \/>\n<meta name=\"twitter:description\" content=\"Rep. Randy Neugebauer (R-Texas), who is the Financial Services Oversight Subcommittee chairman, and Rep. Spencer Bachus (R-Ala.), the House Financial &#8212; March 30, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Impartiality of SEC Report by Boston Consulting Group Questioned by Key House Republicans &#8212; Investor Lawyers Blog &#8212; March 30, 2011","description":"Rep. Randy Neugebauer (R-Texas), who is the Financial Services Oversight Subcommittee chairman, and Rep. 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