It certainly takes considerable effort to maintain mutual oversight on quality assurance, student experience and to ensure the necessary levels of student support and advice.
In the debate over the Dodd-Frank financial reform bill, the failure to eliminate regulatory bodies -- instead we got another committee, a consumer agency and a million fill-in-the-blank rules -- was (weakly) justified on the basis of competition and mutual oversight.
Chairman Paul Haaga, who as a lawyer once helped hire Paul Roye, now the SEC's head of mutual fund oversight, is plugged in and dogged.
"It is based on oversight, compliance, mutual interest.
The head of its asset management business with oversight of mutual funds was left without a job in the new organization.
Recent S.E.C. regulatory proposals include restricting short-selling in down markets, strengthening oversight of mutual funds, tightening scrutiny of investment advisers and making it easier for shareholders to seat directors on company boards.
And the commission has begun to reinvigorate its oversight of the mutual fund industry, adopting rules to eliminate late trading and trying to curtail abusive market timing.
As recently as this year, the regulatory apparatus has been, in the words of three senior officials, "isolated in silos" -- with no one unit within the commission responsible for oversight of the mutual fund companies and brokers, banks and insurers.
The stock index that promoted Toshiba's supposed strengths — the JPX Nikkei 400 — was introduced last year, emphasizing what it said was mutual support between strict management oversight and high investor returns.
If the S.E.C. does not follow through on the council's proposals, officials said, the council could draw on other powers to impose its own tougher oversight on the mutual fund companies and banks that sell money market funds publicly or on the funds themselves.
Water purification, meat inspection, corporate accounting oversight, stocks and mutual fund trading limitations, natural resources preservation -- relaxation of controls in these and other areas all tell one story: human greed leads inevitably to sacrifice of safety for profit, unless protective regulations are established and rigorously enforced.
