Soft Dollar "Discussion" Revs Up.

Traders, September, 2007 by Chapman, Peter

One of the U.S. Senate's most powerful members has declared dead on arrival Securities and Exchange Commission Chairman Christopher Cox's plea to eliminate soft dollars.

Sen. Charles Schumer (D-N.Y.), a member of the Senate Banking Committee, is blasting Cox for his May letter to both houses of Congress calling on legislators to "repeal or substantially revise Section 28(e) of the Securities Exchange Act of 1934."

Schumer, a self-described champion of independent research, chastised Cox in July both in a letter and during a Senate hearing.

"I believe there are significant drawbacks to an approach that includes drastic legislative changes that may create far-reaching negative effects on the investment research industry," Schumer told Cox in...

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