SEC official vows to defend agency from Fed 'power grab'

[riky]

SEC official vows to defend agency from Fed 'power grab'

<p><a href="http://news.yahoo.com/sec-official-vows-defend-agency-fed-encroachment-175840050--finance.html"><img src="http://l1.yimg.com/bt/api/res/1.2/zvz1chr.XXUbXuiatz8h3A--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-07-15T175840Z_1_LYNXMPEA6E0WM_RTROPTP_2_SEC-PIWOWAR-MONEYFUNDS.JPG" width="130" height="86" alt="SEC Commissioner Michael Piwowar speaks on &quot;advancing and defending SEC's core mission&quot; at the U.S. Chamber of Commerce in Washington" align="left" title="SEC Commissioner Michael Piwowar speaks on &quot;advancing and defending SEC's core mission&quot; at the U.S. Chamber of Commerce in Washington" border="0" /></a>By Sarah N. Lynch WASHINGTON (Reuters) - A Republican member of the U.S. Securities and Exchange Commission slammed the Federal Reserve and a council of financial regulators on Tuesday, accusing them of a power grab on everything from asset managers to high-speed trading. SEC Commissioner Michael Piwowar vowed to defend his agency's turf against the Financial Stability Oversight Council (FSOC), a panel of regulators created by the Dodd-Frank law to police emerging market risks. &quot;With the council’s steady march, led by its self-appointed 'alpha dog' â€" the Fed â€" into areas that are solely within the SEC’s jurisdiction, I am concerned that our mission to protect investors, maintain fair, orderly, and efficient markets, and promote capital formation is being compromised,&quot; Piwowar said in a speech before the conservative-leaning American Enterprise Institute. The FSOC is a council of regulators chaired by Treasury Secretary Jack Lew and made up of the heads of all the major regulators, including Fed Chair Janet Yellen and SEC Chair Mary Jo White.</p><br clear="all"/>

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