SEC enforcement director retiring after 40 years
New rules and regulations for Wall Street are set to enter the parlance of our times, and a director at the Securities and Exchange Commission enforcement office in New York is retiring. James Clarkson joined the federal regulator in 1969 as staff attorney in the enforcement division and has been director of regional office operations for the past three decades. The SEC said Clarkson has been the principal liaison between the enforcement division in Washington and the agency's field offices. Clarkson also worked closely with state regulators and last year helped put an end to the Ponzi scheme led by Bernie Madoff. Meanwhile, the SEC is beginning to implement the sweeping changes enacted under the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. Since early September, the SEC has issued numerous interim rules and new guidelines, as well as proposing various other regulations. Tim Ryan, president and chief executive of the Securities Industry and Financial Markets Association, recently said the chore of making Dodd-Frank a reality may be outside the "historical purview" of some of the people and agencies undertaking the Herculean effort. "235 rulemakings, 41 reports, 71 studies authored by eleven different federal agencies, bureaus and the Government Accountability Office," Ryan told the National Economists Club in Washington late in October. "That’s what, as legislated by the Dodd-Frank Act, needs to be studied and written over the next two-to-five years. And that’s just in the United States." After more than 40 years at the SEC, Mr. Clarkson is leaving at the end of the year. Write to Jason Philyaw.