SEC: No politics in Goldman Sachs case

WASHINGTON, April 21 (UPI) -- A top U.S. financial regulator Wednesday rejected any suggestion politics played in a role in civil charges against financial giant Goldman Sachs.

Some Republican leaders and other critics of the Obama administration have speculated the announcement of the Securities and Exchange Commission's case against Goldman Sachs may have been timed to provide the White House and congressional Democrats with a political advantage in the debate over financial reform legislation. Rep. Darrell Issa, R-Calif. -- the ranking member of the House Oversight Committee -- sent a letter to SEC Chairwoman Mary Schapiro Tuesday, asking whether the commission had any contact with the White House, the Democratic Party or members of Congress or their staff about the case before charges were announced last week.

Shapiro issued a statement Wednesday saying the SEC does not time its cases "around political events or the legislative calendar," The Washington Post reported.

"The SEC is an independent law enforcement agency," Schapiro said. "We do not coordinate our enforcement actions with the White House, Congress or political committees."

President Barack Obama told CNBC Wednesday the SEC "never discussed with us anything with respect to the charge that will be brought."