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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	2/27/2003 12:45:43 PM
From: TFF	of 12617

House Backs Wider Emergency Powers for SEC Wed Feb 26, 4:48 PM ET Add Politics to My Yahoo! WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday approved a bill to give the Securities and Exchange Commission more power over the markets in case of another emergency like the Sept. 11, 2001, attacks. The SEC could take wider and longer-lasting control of markets in emergencies under the bill, closely resembling one the House passed in 2001, but the Senate never cleared. The bill would let the SEC issue emergency orders for up to 90 days in case of "sudden and excessive fluctuations of securities prices," disruption of transaction systems or in other urgent circumstances. It would also broaden the SEC's emergency jurisdiction over more sections of securities law, with some consultation required with the Treasury Department, the Commodity Futures Trading Commission and the Federal Reserve Board. The SEC's emergency decree powers are now limited to 10 days. They were last invoked after the Sept. 11 attacks.

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