Former Securities and Exchange Commission Chairman Harvey Pitt opined that this might present a fairness issue and destroy confidence in the market by the public.
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He served in that post under three different chairmen, Harvey Pitt, William Donaldson, and Christopher Cox.
The SEC has argued vociferously that this is “their area” and FSOC should back off and let them handle it, a viewpoint shared by four former SEC Chairman Roderick Hills, David Ruder, Richard Breeden, and Harvey Pitt, and two former commissioners Roel Campos, Paul S. Atkins.