New SEC Commissioner Already Eager To Drag His Feet

Thursday, December 15, 2011 08:41
New SEC Commissioner Already Eager To Drag His Feet

Tags: sec

Daniel Gallagher has only been one of the top officials at the SEC for about a month, but he's already eager to slow the pace at which the commission makes new rules.

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Gallagher recently warned the U.S. Chamber of Commerce that changing the regulations on money market funds might be "premature and possibly unnecessary" and that "doing nothing" remains an option.


That may be, but money market funds are at the very top of Mary Schapiro's radar lately -- so much so that she'd rather put MMF reform on the fast track ahead of issues like advisor regulation or the limits of fiduciary responsibility.


Gallagher challenges that focus head on. He'd rather see a clearer definition of the problem Schapiro sees before the regulators work on a solution.


Whether that means the SEC would then have the resources to tackle more tactical ground-level concerns is an open question.


Speed isn't a virtue in itself, but when advisors have been waiting for regulatory clarity for at least a year now, it's hard to argue that the suspense needs to be drawn out.



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