A U.S. Senate Democrat is developing legislation that would double from five to 10 years the amount of time that federal securities regulators have to seek penalties, in an effort to help buy them more time to investigate complex cases. Rhode Island Senator Jack Reed, a high-ranking member of the Senate Banking Committee, has been working with officials at the U.S. Securities and Exchange Commission and expects to introduce the measure some time this fall, his staffer confirmed. More on Reuters here.
