PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	6/18/2002 4:16:53 AM
From: DuckTapeSunroof	of 769670

A Wall St. Push to Water Down Securities Laws By GRETCHEN MORGENSON nytimes.com Some members of the securities industry are pushing Congress to prevent states from pursuing those who violate securities laws, including Wall Street firms now under investigation for conflicts of interest by their stock analysts. A proposed amendment on the subject may be attached today to legislation that is actually intended to increase protections for investors by strengthening controls over the nation's accounting system and over stock analysts' practices. But the draft of the amendment, which began circulating last week, would block the states' current investigation of stock analysts and would severely restrict their enforcement of securities laws in the future, according to the association of state regulators. At a time when investor confidence in the market has been eroded, opponents see the effort as keeping an important cop off the beat. "State securities cops have a duty to protect investors in their states, something they've been doing longer than the S.E.C.'s been around," said Joseph P. Borg, director of the Alabama Securities Commission and president of the North American Securities Administrators Association. "The question for the authors and supporters of this amendment is: Are you going to stand with 100 million-plus investors on Main Street who expect and deserve the truth from their brokers or with a handful of rich firms on Wall Street who have a serious credibility problem?" Two legislative sources said Philip J. Purcell, chairman of Morgan Stanley, had recently made the rounds on Capitol Hill to promote legislation to curb state regulators' powers. One person said Mr. Purcell's idea had gained support among both Republicans and Democrats.

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