Wall Street's top regulator on Wednesday unanimously voted to propose a rule barring traders in asset-backed securities from betting against the very assets they sell to investors, behavior that became infamous in the wake of the 2008 global financial crisis.
The rule is among the last to be adopted under the landmark Dodd Frank Wall Street reform legislation of 2010, according to SEC officials. Those reforms sought to address the root causes of the mortgage crisis. An earlier version of the conflicts rule first proposed in 2011 was never finalized.
In the years after Dodd-Frank's enactment, Democratic lawmakers complained that the SEC had failed to meet a 270-day deadline to issue a rule implementing Dodd Frank's ban on betting against the same asset-backed securities traders sell to investors. But at a public hearing ahead of the vote, Republican members of the commission raised concerns that the proposal in its current form might inhibit legitimate activity, forshadowing likely criticism from industry groups.
Better Markets, an advocacy organization that promotes more strict financial sector regulation, welcomed Wednesday's rule proposal but vowed to study it.
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