SEC Chairman Supports New Market Legislation: Ruder Says He Has 'Put...
The chairman of the Securities and Exchange Commission said yesterday that he has ÛÏput some distance" between himself and other members of the White House stock market task force headed by Treasury Undersecretary George Gould.</br></br>' :-David Ruder made the remarks in an interview after a hearing before the House telecommunications and finance subcommittee, where the Republican SEC chairman at times found himself allied with House Democrats who were attacking the Reagan administration.</br></br>ÐÊAt the hearing, subcommittee chairman Edward J. Markey (D-Mass.) praised Ruder for supporting new market legislation-drafted in response to the Oct. 19 stock collapseÛÓbut criticized other members of the task force, including Federal Reserve Chairman Alan Greenspan and Wendy Lee Gramm, chairman of the Commodity Futures Trading Commission.</br></br>harshly than has your boss, President Reagan," Markey said. ÛÏFor you have missed an historic opportunity to erect a dynamic, coherent and unified regulatory structure."</br></br>In a brief appearance near the hearingÛªs conclusion, House Energy and Commerce Committee Chairman John Dingell (D-Mich.) warned of the possibility of another stock market collapse. He instructed the regulators not ÛÏtd come by my office" when the public goes after government officials ÛÏwho sat idly by" instead of acting to restore investor confidence.