Grassley: SEC Agrees to Conduct More Aggressive Oversight of Stock Exchanges

Press Release

Grassley: SEC Agrees to Conduct More Aggressive Oversight of Stock Exchanges

Senator Chuck Grassley of Iowa today said the Securities and Exchange Commission (SEC) has committed to reviewing the internal audits and investigations of self-regulatory organizations such as the New York Stock Exchange.

Grassley had asked in December that the Chairman of the SEC to remedy the commission's failure to tap investigative resources provided by self-regulatory organizations by coming up with a plan for the commission to consider such information as part of its work to safeguard the integrity of U.S. markets.

"It took way too long, but now maybe the SEC is finally getting serious about its duty to oversee self-regulatory organizations," Grassley said. "Getting their internal audits is the obvious first step to knowing where the problems are. Yet, the SEC turned a blind eye, even three years after the GAO told them to take a look."

Grassley made his appeal following the completion of an independent audit that said the securities industry reports information about suspicious transactions but SEC computer systems can't search the data.

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