On the day the U.S. Securities and Exchange Commission announced its plans to take the reins from the Securities and Investment Commission, one of its own members said she hoped to be the next chairman.
Meredith McGehee, who has served on the commission since 2005, told The Wall St. Journal that she wants to focus on taking on the corporate governance problem that’s been plaguing the financial industry for decades.
“We’re going to take it on, we’re going out on a limb, we are going to go after the problem,” she said.
“I think that’s our calling.
It’s really our job.”
McGehee has been a vocal critic of the SEC’s oversight of large banks and the way the agency has handled a range of other issues in the past, including the $2.4 trillion bailouts of the financial firms Bear Stearns and Lehman Brothers.
McGehera said she wants the agency to focus more on regulating banks that pose risks to the economy, including those with weak credit ratings.
She has also pushed for more transparency, especially about the role that big banks have played in the 2008 financial crisis.
McGahee, a Democrat, has worked to create a more bipartisan commission on corporate governance, which would make it harder for the SEC to overrule the agency’s rulings.
The new chair is a former bank regulator, and she was also an adviser to former Federal Reserve Chair Ben Bernanke when he was the chairwoman of the Federal Reserve.
She was also on the board of the Securities Industry and Financial Markets Association before joining the SEC in January.
Last year, McGeheras first act as chairwoman was to put out a call for new members.
After a series of nominations, McGahee won the election for the post and became chairman of the panel, which has been run by four other members.