Financial-Planning.com – Securities and Exchange Commissioner Cynthia Glassman said “it is unfortunate [the SEC] wasted so much time and effort” on the independent chairman and the hedge fundregistration rules, only to have them voided by the U.S. Court of Appeals.<\/p>\n
Glassman made the remarks before a speech at the National Economists Club in Washington on “Observations of an Economist Commissioner on Leaving the SEC.” Glassman and Commissioner Paul Atkins werethe SEC’s only two dissenters on the rules.<\/p>\n
Glassman said she agreed with the court’s decision on the independent chairman rule that the SEC had failed to conduct adequate cost\/benefit analysis. She said this was “homework [the SEC] shouldhave done in the first place” and that there is no proof that having an independent chairman is an advantage for investors.<\/p>\n