DD Support Board and Research Team

[cowtown jay]

According to Piwowar, he advocates diminishing the subpoena power of the Enforcement Division's Associate Director and Associate Regional Directors because he questions "...whether the processes currently in place are sufficient for the Commission to exercise the appropriate level of oversight of the formal order process." He further states his belief that "...a periodic review and evaluation of the formal order process using delegated authority is appropriate and necessary to effectuate Commission oversight." He concludes that this delegation of subpoena power was not subject to the Administrative Procedure Act and that, due to the potential consequences "...for persons who are on the receiving end of a subpoena issued pursuant to a formal order, we should make sure that public comment is allowed on any review of the formal order process."

https://www.sec.gov/News/Speech/Detail/Speech/1370540400457

I totally disagree that the solution is to abolish the Directors' subpoena power. He might as well just turn the SEC into another SRO. There does need to be a lot more oversight, but the changes should be directed to the Legislature, who already has this responsibility.