Senate OKs Greater Powers for SEC

The Senate voted Wednesday to give securities regulators greater powers against corporate wrongdoers by allowing them to directly collect stiffer fines and seek financial records.

Under the measure, the Securities and Exchange Commission would be able to levy fines against officers, directors and publicly traded companies without having to go to court first.

Those fines also would be increased to $100,000 to $2 million per violation, from the current $6,500 to $600,000.

And the SEC’s power to subpoena financial documents would be brought in line with powers already held by federal bank regulators, who can demand records without notifying the subject of the investigation.