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September 21, 2011

September 15, 2011 – House Financial Services Full Committee hearing entitled “Fixing the Watchdog: Legislative Proposals to Improve the Securities and Exchange Commission.”

Once again the House Financial Services Committee conducted a hearing to examine the recommendations of a Dodd/Frank study regarding the operation of the Securities Exchange Commission. A second hearing objective was to consider two legislative proposals for SEC reforms.

SEC Chairwoman Schapiro and the managing partner for the firm that conducted the study testified on the first panel. They agreed the SEC has made progress but the expanded workload required by Dodd-Frank, but the mandates exceed the capacity of the agency to complete its work without additional funds and manpower. Because of the congressional pressure to cut spending, Democratic Ranking member Barney Frank suggested that the committee may have to review the SEC’s role in the new federal financial regulatory scheme.

The second panel provided mixed testimony regarding the SEC’s effectiveness. It also commented on the two pieces of legislation presented for the panel’s review: a specific reform of the SEC’s cost/benefits review process, and a restructuring of the SEC’s operation. Most witnesses agreed both bills needed major changes before they should be considered for referral to the full House.

 

Hearing video

Congressional Activities
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