McKenna Long & Aldridge partner Luis Aguilar, a nominee to the Securities and Exchange Commission, said he supports adding regulations and staff to the federal agency to oversee investment banks, Reuters reported.
According to testimony submitted in response to questions from U.S. senators, Aguilar said he’d support additional rules for firms like Goldman Sachs and Lehman Brothers, if needed, to protect investors and promote market stability. Investment banking supervision has been scrutinized since Bear Stearns nearly collapsed when its liquidity dried up in March.
Aguilar also said the SEC should consider working with Congress to review the regulatory framework as there appears to be no regulatory agency with explicit statutory authority over investment banks.
Aguilar, a corporate, securities, international and investment advisors partner in Atlanta, was nominated by President Bush in March to fill two Democratic slots on the SEC.