The legislation would also establish a permanent Investor Advisory Committee [IAC] to "keep the voice of investors present at the SEC." (Keep in mind that the Obama Administration wants the Fed to be the key regulator, so these legislative proposals, as dramatic as they are, are just the tip of the iceberg).
Known as the “Investor Protection Act of 2009," the legislation contains these alarming proposals:
For the purposes of evaluating its rules and programs and for considering, proposing,adopting, or engaging in rules or programs, the Commission is authorized to gather information, communicate with investors or other members of the public, and engage in such temporary or experimental programs as it in its discretion determines is in the public interest or for the protection of investors. The Commission may delegate to its staff some or all of the authority conferred by this subsection.
"Gather information" sounds an awful lot like allowing the SEC the power to snoop anywhere it wants.
The SEC will also get to determine and payout "whistleblower." Creating spies at every financial firm for any wacky new regulation that is created down the road! It will make it easier for them to takeout any firm they want for any reason.
And, the SEC will have the power to review and ban compensation plans at brokers, dealers and investment advisers. under the beefed-up powers.
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