SEC's Schapiro says new Congress won't slow reform

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Source: Reuters

The top securities regulator said on Tuesday she doubts her agency's overhaul of the country's financial rules will be affected by the recent U.S. election, where pro-business Republicans seized control of the House of Representatives and made gains in the Senate.

Mary Schapiro said that as long as Dodd-Frank -- the regulatory overhaul passed earlier this year by the outgoing Congress -- remains on the books, her agency would continue to implement it.

"The law's passed," the SEC chairman told reporters after a speech at Northwestern University. "And while it could change, obviously, until it does, we have a responsibility to implement the law as it was passed."

Asked what her agency's top priority was, Schapiro said, "we have a long list." Under Dodd-Frank, the SEC must craft more than 100 rules for the financial industry, including new regulations for the $615 trillion over-the-counter derivatives market and hedge funds.

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