Honey, I Shrunk the SEC!

The Treasury Department has been churning out important rules and guidance - the Homeowner Affordability Plan, a tough joint statement about bank liquidity. Even the Office of Management and Budget has released major guidelines relating to the various economic recovery plans.

And what has the SEC been doing? Enforcement. Look at the last week's worth of the"what's new" page on the on the SEC's website and you'll see SRO rulemaking and enforcement.

I know there's a rulemaking moratorium, but is it possible that we're seeing part of the administration's regulatory restructuring scheme? Is the SEC going to become mainly an enforcement agency?