Congress Weighs Axing FINRA. But Is SEC Ready to Pick Up the Slack?

Congress Weighs Axing FINRA. But Is SEC Ready to Pick Up the Slack?

Do we really need FINRA? That was the question lawyers, industry stakeholders and federal representatives were asking last week during a House Subcommittee on Capital Markets hearing about the role of self-regulatory organizations. Members of Congress are considering related proposals including the Restoring Accountability in Market Supervision Act, which would transfer the rulemaking, examination and enforcement powers of the Financial Industry…