May 27, 2003

The SEC has moved its

The SEC has moved its open Commission meeting on internal control reports – and CEO/CFO certification placement – from Wednesday at 10 am to today at 2 pm.

Last Wednesday, Representative Richard Baker introduced a bill (H.R. 2179) that would enhance SEC authority by letting the SEC assess higher fines, obtain bank records and serve subpoenas. In addition, the bill would force states to channel money from securities settlements to the SEC’s Fair Fund (one of the reasons for the bill is because NY has not yet given investors any funds from the historic Wall Street settlement reached a few weeks ago).

The bill was referred to the House Financial Services subcommittee. The bill would supersede laws in several laws, including FL and TX, that allow defendants to keep their homes regardless of legal findings against them. Rep. Baker said that he drafted the bill with help from the SEC.

The bill would increase fines to as much as $2 million, up from the current $600,000 maximum. The bill would also let people, such as attorneys, give information to the SEC about company activities without having to give it to other parties, such as those involved in a lawsuit against the company. The text of the proposed legislation is at