Former chief Levitt says Congress will stand up — on both sides of the aisle — to keep the commission going. He backs Cox in Bear Stearns controversy.
Some suggest that the Securities and Exchange Commission is hurtling toward extinction. On Monday, for example, a Wall Street Journal front-page analysis of Chairman Christopher Cox's "low key leadership" — especially during the Bear Stearns crisis — described Treasury Secretary Henry Paulson's recent blueprint for regulatory reform as containing a proposal "to eliminate the SEC and shift responsibility for Wall Street to the Fed."
Not likely, says former SEC Commissioner Arthur Levitt, now a senior advisor in New York for The Carlyle Group. In a telephone interview with CFO.com, Levitt noted that there have been a range of interpretations of the Treasury secretary's comments about the future of the SEC. "Rest assured. Congress will have the last word, and the SEC is not likely to go away," said Levitt, who served as commissioner from July 1993 to Februrary 2001.
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