The Securities Investor Protection Corporation (SIPC) has announced the appointment of Steven Caruso of Maddox, Hargett, & Caruso to its SIPC Modernization Task Force. A total of 13 individuals – including representatives from the securities industry, investors, government regulators and academia – will serve on the task force.
The SIPC, which was formed by Congress to help customers of insolvent and failed brokerage firms, also launched a new Web site that will gather input from the public via online comments, as well as provide live interactive forums and national Webcasts.
According to the SIPC, the newly formed task force will provide statutory amendments to the SIPC board, as well as information to assist the SIPC board and members of Congress when it comes to enacting investor reforms.
The SIPC was created in 1970. As of 2009, it has advanced $1.2 billion in order to make possible the recovery of $108 billion in assets for an estimated 763,000 investors.