BUSINESS

S.E.C. Chairman: Oversight Failures Fueled Collapse

10/27/2008 05:12 am 05:12:01 | Updated May 25, 2011

The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street's largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

The S.E.C.'s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.

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