The SEC and Department of Labor agree to cooperate?

July 29, 2008

Yesterday, the SEC sent out a media advisory alerting reporters of a press conference set for 2 p.m. today with both Chairman Chris Cox and Labor Secretary Elaine Chao to talk about ways the two agencies would work together “to protect approximately $5.5 trillion in retirement assets of investors nationwide.” It sounded pretty important. But today, after reading the release as well as the memorandum of understanding, I’m awfully glad I didn’t hop on the Acela.

My friend, Jeff Matthews has a regular feature about the most ridiculous press release you’ll read today. I thought this would be a good candidate for that, but Jeff demurred. Still, clearly the release which promises “to make permanent their agencies’ longstanding relationship of sharing information on retirement and investments” would qualify.

Clearly, given everything else that’s going on with the state of the economy, two top government officials — one of them a Cabinet member — can come up with more important things to do than agree to continue cooperating.

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