From Reuters: U.S.
Senators are planning to introduce a bipartisan bill on Monday to give the
country's securities regulator the authority to seek tougher fines for alleged
Wall Street criminals. The bill,
sponsored by Rhode Island Democrat Jack Reed and Iowa Republican Chuck
Grassley, would boost the penalties that the U.S. Securities and Exchange
Commission can seek from firms and individuals accused of wrongdoing and triple
the cap on funds the agency can seek from repeat offenders.
"If a fine is just decimal dust for a Wall Street firm,
that's not a deterrent," Grassley said in a statement. "A penalty
should mean something."
The bill comes only months after SEC Chairwoman Mary
Schapiro asked Congress to boost the agency's firepower, after a federal judge
in New York tossed out two SEC settlements over paltry penalties….
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