The new wave of shareholder activism is is one of the best ways to stave off the heavy hand of government, CLSA analyst Mike Mayo said Wednesday.
"What we learned going into the crisis is that government wasn't doing its job and investors weren't doing their jobs, so nobody was minding the store," Mayo told CNBC's "Squawk on the Street."
"What I'd prefer to see is investors step up to the plate with this activism ... (and) do more of the heavy lifting so that Jack Lew, Treasury and government doesn't have to do as much" in terms of regulation.
Mayo was interviewed as Senate confirmation hearings for Treasury Secretary-nominee Jack Lew were taking place.