In the wake of the financial crisis, a new regulatory structure is needed to improve regulatory standards, said Harvey Pitt, a former chairman of the Securities and Exchange Commission.
Mr. Pitt, now chief executive of Kalorama Partners LLC of Washington, spoke on a panel at the New York- and Washington-based Securities Industry and Financial Markets Association's annual meeting in New York today.
He suggested that a private-sector task force create a set of regulations for a new regulatory structure, rather than Congress or the next presidential administration. Employing such a task force would be more effective than having the Department of the Treasury or the Federal Reserve draft the legislation, Mr. Pitt said.
“There are issues that are too important to deal with political whims that will fly around on both sides of the aisle,” he said.
Speaking on the same panel, Mary Schapiro, chief executive of the Financial Industry Regulatory Authority Inc. of New York and Washington, added that there needs to be a stronger relationship between how regulations are made and enforced.
“We have a unique opportunity to look at the regulatory [structure] and make some important changes,” she said. “We need a task force to come up with a plan, and we have a chance to do it now.”
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