Commissioner Piwowar

SEC Commissioner: We Shouldn't Be Promoting Investor Confidence
Image from: Kevin Lamarque/REUTERS

SEC Commissioner: We Shouldn't Be Promoting Investor Confidence

A leading Republican regulator, SEC Commissioner Michael Piwowar, said in a speech to Cato recently that the goal of the Securities and Exchange Commission should not be to "promote investor confidence," but instead to "promote investor skepticism." This is pretty remarkable, and it's a scary example of a radically libertarian philosophy that could cause our financial system to melt down in a big way.