SEC to Be Asked About Its Leanings (AP)

[Eugene]

Source: Associated Press

SEC to Be Asked About Its Leanings

By MARCY GORDON and PETE YOST
The Associated Press
Tuesday, June 26, 2007; 3:45 AM

WASHINGTON -- All five members of the Securities and Exchange
Commission are being asked by Congress to defend the watchdog
agency against accusations that it may be tilting toward
business interests and away from investors.

A hearing Tuesday by the House Financial Services Committee,
under Democratic Chairman Barney Frank of Massachusetts, marks
the first time in more than a decade that all SEC commissioners
have been called to testify together.

Business interests have been pressing for an easing of corporate
governance rules and restraints on class-action lawsuits against
corporations and auditors. On the other side, some critics and
investor advocates see recent moves by the SEC under Chairman
Christopher Cox, a longtime free-market Republican congressman,
as favoring business and Wall Street.

As the gap widens between corporate executives' compensation
and employees' pay, and workers lose jobs at companies bought
out by big private-equity firms, Tuesday's hearing affords
Democratic lawmakers a chance to highlight themes likely to be
sounded in next year's election.

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Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/06/26/AR2007062600184.html