HONG KONG — Former U.S Senator Paul Sarbanes (D-Md), one of the original authors of the Sarbanes-Oxley law, told reporters in Hong Kong today that, in his opinion, U.S. financial regulators need to better use regulatory authority they have already.
Sarbanes spoke before a general session of World Council of Credit Unions' World Credit Union Conference.
He stressed that while regulators may need additional authority to further regulate some previously unregulated entities, such as investment banks, he had long urged regulators to use the laws they already have to better effect.
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