The devil is in the details on this one for sure, and my concern is that in the creation of a systemic risk regulator we do not create a monolithic entity that supplants the important functions that are served by multiple other agencies
Schapiro warns against creating a single regulator that undermines existing agencies.
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We think the budget increase is really essential, given the additional responsibilities that the agency is taking on under Dodd-Frank and under the JOBS Act.
Do I wish now that he had been more sensitive to the potential of this issue to raise an appearance of conflict? Yes.
The worst result I think we could have would be for investors to lose confidence generally again, as they did after Enron, in the quality and the integrity of financial statements.