Former Securities and Exchange Commissioner Annette Nazareth yesterday said that any overhaul of the financial regulatory system should not eliminate the SEC because it plays an important and effective role in protecting investors.

Nazareth's comments, which she made during a panel discussion on regulatory reform that was held by the U.S. Chamber of Commerce, follow the Treasury Department's release of a regulatory "blueprint" in March that recommends expanding the powers of the Federal Reserve while suggesting that new "conduct of business" and "corporate finance" regulators eventually take over many existing SEC functions.

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