Sen. Chuck Grassley of Iowa today made the following comment on a new report from the Project on Government Oversight on the revolving door between the Securities and Exchange Commission and the securities industry, which the commission regulates.
"The revolving door is moving faster than ever. This report documents exactly why it remains an ongoing concern. The SEC has to fix this problem once and for all. That involves more disclosure, more meaningful restrictions, and top-to-bottom application of the rules without waivers that make any restrictions meaningless. It's especially important for the SEC to fix this problem with the arrival of a new chairman who, if confirmed, would bring a lot of good things to the commission but also a lot of connections to the securities industry she'd be regulating. She'd need to operate under strict rules while at the commission and afterward if she returns to the private sector, and so should everyone else. Policing the revolving door is important to the integrity of rule-making and enforcement."
The report is available here: