Our own regulatory gadfly and long-time legal columnist Bill Singer is at it again. In a blog at Forbes (Yup, he contributes there too. We have learned to share), Singer has a singular idea: Break up the SEC because it sucks.
Singer argues: "Regulation and prosecution are most effective when handled locally and on a relatively small scale; and are often at their worst when the command-and-control structure is a ponderous bureaucracy situated remotely in Washington, DC." I couldn't agree more.
His advice? "So, Ms. Schapiro, here’s an idea. Fire about 25% of your Washington, DC staff. Offer another 50% of your DC staff reassignment to a regional office. Slash the Washington budget and use the savings to pump up the autonomy of your regional staff. Go smaller. Go local. Encourage more nimble, quicker investigations and prosecutions. It’s time for bare bones in DC and a beefed-up presence where it truly counts: in the field. Moreover, the local communities surrounding your regional offices will greatly appreciate the demand for new leased space and increased employment."