A Step in the Right Direction
7/12/2010 12:02:36 PM
It was announced recently that the Washington, D.C.-based Securities and Exchange Commission (SEC) has passed "pay to play" regulations that ban investment advisors and hedge fund managers from managing public pension funds for two years if they made a contribution to a political candidate in a position to influence the awarding of those investments.
While I’d prefer to think it was the influence of the letter I sent to the SEC several weeks ago — encouraging the commission to pass these important reform measures — that did the trick, the realist in me knows that it wasn’t my encouragement that made the SEC act. Either way, I’m simply happy to see that this step has been taken. Eliminating the guesswork and potential for even the appearance of impropriety will go a long way toward increasing the transparency of these financial transactions and restoring our citizens’ faith in their elected officials.