Warren Blasts Top Wall Street Cop for ‘Broken Promises’ and Lax Regulation

by Deirdre Fulton – “I am disappointed you have not been the strong leader that many hoped for—and that you promised to be,” Massachusetts senator tells SEC chief In a letter described by news outlets as “scathing” and “unusually blunt,” Sen. Elizabeth Warren (D-Mass.) on Tuesday slammed the country’s top Wall Street regulator for broken promises and lax regulation of the financial industry. In a 13-page letter, Warren described the two-year tenure of Securities and Exchange Commission (SEC) chairwoman Mary Jo White as “extremely disappointing.” From failing to require companies to admit wrongdoing when the agency finds they violate the law to failing to implement Dodd-Frank rules on CEO pay disclosure, White has not been the “tough watchdog” the SEC needs, Warren said. Warren also criticized the ongoing use of “waivers,” which allow such companies to skirt SEC review, among financial firms that break the law, as well as White’s failure...

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