Council of Institutional Investors praised the “administration's wide-ranging effort to overhaul and improve the U.S. system of financial market regulation,” Ann Yerger, executive director of the organization of public, union and corporate pension funds said in a statement issued shortly after President Barack Obama's announcement on the reforms.
“To safeguard investors, the federal regulatory umbrella must cover all aspects of financial services,” Ms. Yerger said in the statement. “The financial crisis has amply demonstrated how problems in exotic products and investment firms that cater to sophisticated investors can ripple throughout the markets, causing harm to all investors.”
The council hopes to work with administration officials, Congress and regulators on financial reforms, the statement added.
