Education, learning, and training are words used a lot in the financial industry. Harris’s post-hearing comments on the topic, while brief, are pretty illuminating. He has a doctorate in Accounting (accounting, finance, and finance systems and control). He has been teaching Financial Math in the MBA program at American University for 13 years. To boot, he is also a stock trader himself, as is his wife.
Dr. Harris has published multiple books, including Two Centuries of Financial Mathematics and Finite Mathematics for Financial Professionals. He is likewise a frequent media commentator on financial matters. Harris noted that most investors don’t know the difference between a compounding interest rate and what can be realized in the short term through an online trading account.
Dr. Harris is highly knowledgeable about investment and financial markets. He is also an excellent writer and commentator on the many problems facing the financial industry. In this opinion piece, his words will be read by those involved in this issue. For example, he refers to the “crisis in education” and points out some sad realities that have been seen in the world of finance.
The primary financial issue is the prevailing lack of curriculum. Everything about education can be boiled down to curriculum, which comes at a pretty low level in financial education, especially compared to other fields such as medicine, law, and business. It’s a shame that Congress still needs education on the role of education in financial markets and how much value is associated with a person.
The SEC is not a regulatory body that acts to prevent bad behavior. It is a regulatory body that monitors and regulates the financial industry. It has an important place in American economic life, and if anything, is responsible for generating demand for capital. But the SEC also needs to be reminded that it has a crucial but limited role in the financial industry. Dr. Harris says that to become knowledgeable about how the financial industry functions, one must ask essential questions and insist on answers.
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