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SEC, Department of Labor Join Forces

By Brooke Perrone

July 31, 2008

Securities and Exchange Commission Chairman Christopher Cox and US Secretary of Labor Elaine L Choa have signed a Memorandum of Understanding (MOU) to formalize and strengthen the cooperation and relationship between their two agencies. The purpose of the MOU is to share information, related to investments and retirement, to help protect Americans’ $5.8 trillion in retirement assets.

 

The MOU establishes a method for the SEC Staff and DOL’s Employee Benefits Security Administration to share information, regularly meet and discuss matters of mutual interest, and to help make information more accessible to investors. In addition, these agencies will cross-train their staff for the goal of enhancing each agency’s understanding of the other.

 

Chairman Cox said, :With a growing number of seniors focused on managing their own 401(k) plans, it's important to improve disclosure to give them the information they need and in a form they can use. To accomplish this, the Department of Labor and the SEC are committed to coordinating closely on their behalf. This enhanced coordination of the SEC’s investor protection efforts and the Department of Labor’s regulatory responsibility for pensions and 401(k)s will greatly benefit the millions of hardworking Americans who are saving and investing for their retirement as well as those who have already retired.”

 


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