Former U.S. Securities and Exchange Commission Chairman William Donaldson on Wednesday said the United States needs a regulatory overhaul, similar to changes made to the system after the Great Depression.
"It's clear there have been some regulatory breakdowns," Donaldson said at a CFA Institute conference in New York.
"As we move forward, the structures need to be changed ... we have to have really serious examinations of our regulatory institutions and their mandates."
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