Comments on the Proposed SEC's 2010–2015 Draft Strategic Plan
评论美国证券交易委员会（SEC）的战略计划，强调加强证券法执法、改进信息披露框架和确保会计准则制定者独立性，对监管者和政策制定者有参考价值。
SYNOPSIS: The SEC has proposed a strategic plan that sets out its mission, vision, and values, four strategic goals, a set of desired outcomes associated with each strategic goal, and a list of performance measures for assessing the SEC’s effectiveness in attaining its goals. We affirm the need for vigorous enforcement of securities law and offer some research-based insights and performance indicators. We also acknowledge the importance of disclosure, but propose that the SEC needs to develop a disclosure framework and develop better operational indicators of quality of disclosure. It is important to appreciate the benefits of disclosure as well as its limits and potential dysfunctional consequences. We also discuss the need for an independent accounting standard setter and recommend that the SEC take a greater role in enhancing the independence of the FASB.