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SEC chairman nominee committed to agency enforcement

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

[JURIST] The Chairman-Designate of the Securities and Exchange Commission (SEC) Mary Schapiro on Thursday expressed her commitment to reinvigorate enforcement at the SEC during her confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Schapiro said that "it is imperative that the SEC be given the resources and the support it needs to investigate and go after those who cutcorners, cheat investors, and break the law." She said that she will work aggressively to ensure SEC enforcement and to deepen the agency's "commitment to investor protection, transparency, accountability, and disclosure," emphasizing that the SEC once again "must play a critical role in reviving our markets, bolstering investor confidence, and rejuvenating our economy." The committee's approval confirming Schapiro's nomination is pending. President-elect Barack Obama named Schapiro as the new SEC chairman last month. Schapiro is currently the Chief Executive Officer (CEO) of the Financial Industrial Regulatory Authority (FINRA), an independent regulator of US securities firms. Schapiro's appointment comes at a time of financial turmoil in the US and concern about the SEC's regulatory process in the wake of charges filed against Bernard Madoff and his securities firm for an alleged $50 billion fraud scheme. On Thursday, Attorney General nominee Eric Holder expressed his commitment to investigate and prosecute financial fraud to the Senate Committee on the Judiciary during his confirmation hearing.

Full post as published by JURIST - The Paper Chase on January 16, 2009 (boomark / email).