At mid-summer, rumors of scandal and fraud are swirlingLibor, MF Global, Peregrine Financial and the London Whale. Financial regulators seem always a few steps (or a few years) behind, much like Inspector Clouseau in pursuit of the Pink Panther.
Nonetheless, at the U.S. Securities and Exchange Commission, the focus is less on fraud than on Congress’ favorite topic: deregulation. Already, the commission has missed the first deadline for implementing rules under the JOBS Act, which passed 90 days after the act’s passage on July 4.1 This column will focus on some of the open issues, including what a Republican administration could mandate if it controlled the SEC. The column will begin with a brief overview that shows the Law of Unintended Consequences remains in full force and effect. Passed quickly, the JOBS Act does some things that the business community may not have wantedif it had time to focus.
Unintended Consequences
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