Testimony Before the House of Representatives Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, SEC Oversight: Current State and Agenda, Tuesday, July 14, 2009, by Chairman Mary L. Schapiro, U.S. Securities and Exchange Commission.
“The last year has been a wrenching time for investors. Trillions of dollars in wealth have been destroyed during the economic downturn, and millions of Americans have seen their retirement nest eggs and college tuition funds shrink dramatically as a result. The economic crisis has challenged the faith of many in our system of capital formation and allocation a system for creating wealth that has proved over the long term to be the greatest the world has seen. As the agency charged with protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation, we are dedicated to learning from recent events and making the changes necessary to help restore market integrity and investor confidence. The SEC must act promptly, decisively, and with resolve. We also must redouble our commitment to protecting investors, as they provide the capital used to fund the productive enterprises that create jobs and wealth.”
FT.com: “The Securities and Exchange Commission has created a new group of examiners to oversee credit rating agencies, which came under sharp criticism for their role during the financial crisis.”
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