Want access to post press releases? To sign up, use this form. You must be logged in.
MENENDEZ INTRODUCES LEGISLATION TO STRENGTHEN INSPECTORS GENERAL AT FINANCIAL REGULATORY AGENCIES
By Senator Robert MenendezWASHINGTON – With legislation to implement stronger financial regulations on the horizon in Congress, U.S. Senator Robert Menendez (D-NJ) has introduced a bill that would increase accountability at the financial regulatory bodies through stronger inspectors general. The Improved Financial and Commodity Markets Oversight and Accountability Act would:
•Require Presidential appointments and Senate confirmations for the Inspectors General at five key regulatory agencies: the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the National Credit Union Administration, and the Pension Benefit Guarantee Corporation
•Clarify the subpoena powers of those Inspectors General so they can properly oversee the financial regulators
•Require the financial regulators to respond to deficiencies identified by the Inspectors General by either taking corrective action or explaining to Congress why they are not taking corrective action.
“We not only need to make sure that we have stronger financial regulatory agencies to act as cops on the beat for consumers, we also have to make sure that those cops on the beat are doing their job,” said Menendez. “It’s clear this wasn’t always the case before the financial crisis – the stories of incompetence that prevented the Securities and Exchange Commission from catching Bernie Madoff are proof. As we move forward with comprehensive regulatory reform legislation, I look forward to working with Chairman Dodd to include these provisions.”
This legislation mirrors legislation passed in the House of Representatives by Rep. John Larson (D-CT), H.R. 885.
# # #
Contributors
Wally Edge
Michael Doherty. a West Point graduate and one of the state's most conservative legislators, will take his seat in the State Senate today. A ... >
Bob Torricelli
Everybody needs to start a new job with a list of priorities and Chris Christie is no exception. There might be a thousand things that need to get ... >
Michael Patrick Carroll
Political discourse in America contains much in the way of intellect or intellectual honesty. One considers the Federalist Papers with wistful awe: ... >
Jeff Michaels
As pundits and party leaders look to next year’s Congressional elections in NJ, it appears that freshman Democrat John Adler is the most vulnerable ... >
Richard LaRossa
When will NJ Republicans start acting like Republicans rather than Democrats. Time to stand up for your principles, assuming they have any left. >
Alan Steinberg
As in any transition, speculation is rampant as to whom Governor-elect Chris Christie will appoint as Chief of Staff, State Treasurer, and Attorney ... >
Dr. Joseph Marbach
Now that the dust has finally settled after the grueling campaign for governor, there are a number of lessons that we can draw from this ... >
Carla Katz
When he was growing up, Chris Christie's folks must have taught him that when he went to a new playground, he should pick a fight with the ... >
Joey Novick
Yes, I know, I know.
Since it’s Thanksgiving week, I decided that no one could really be a Putz of the Week this week. So, I decided ... >
Murray Sabrin
New Jersey voters repudiated Governor Jon Corzine's policies of the past four years on November 3rd. Republican Chris Christie and Independent ... >
Poll
Hot Topics
Most Active Stories
- Milgram charges GOP consultant over robocall impersonating Rumana staffer
- Dem leadership teams come together after emerging from caucus meetings
- Gallery packed with Garden State Equality activists as Doherty assumes oath of office
- Christie says Cryan should get out of chairman mode
- Wisniewski to make formal play for state party chair when Cryan makes departure official
- Goldstein leads 250 marriage equality activists for march on the Statehouse
- Senate Democrats back Sweeney for senate president, says Sarlo
- Stack: HCDO leaders need to put organization in order before trying to take out Cunningham
- Pou won't rule out bid for Democratic State Party chair
- Lesniak: bring gay marraige up for a vote
- Christie says Cryan should get out of chairman mode
- Milgram charges GOP consultant over robocall impersonating Rumana staffer
- Caruso says he had nothing to do with robocall
- Runyan, now a Charger, announces NJ-3 congressional bid
- Pou won't rule out bid for Democratic State Party chair
- Lesniak: bring gay marraige up for a vote
- Gallery packed with Garden State Equality activists as Doherty assumes oath of office
- Velez-Gentry would take Christie administration position if offered
- Dem leadership teams come together after emerging from caucus meetings
- Spicuzzo nomination passes committee
- Quinnipiac: Christie leads 50%-40%
- Quinnipiac poll has Christie ahead by 4 points as Corzine gets closer
- Christie, in West New York, takes questions
- Gore makes his case for Corzine
- Potential LG rivals Allen and Weinberg ally for county committee reform legislation
- Final debate schedule
- Torricelli on making perfection the enemy of good
- Autistic man seeks Assembly seat in 37th
- Jeb Bush attends Christie fundraiser
- Correction: Weiner departure was not his own idea
Recent Posts From Inside Edge
Quote of the Day
“A lot of blood on the floor.” - Senate President Dick Codey (D-Roseland), emerging from the caucus room after losing his leadership position to Senate Majority Leader Stephen Sweeney (D-West Deptford)
Recent Press Releases
Syndicate
