Christopher J. Dodd

I think the high rate at one point in the Nixon Administration is we were spending something close to 6 percent of the Federal budget on secondary and elementary education in this country, the Federal Government was.

I think we should look at our choices. We can come down to where we allocate resources and how we make choices between the issue of tax cuts for the top 1 percent of income earners versus investing in a No Child Left Behind bill.

Putting that together, have we seen the wealthy, who were given huge tax cuts over the past 3 years, turn around and spend their tax cuts on these luxury items, while average workers of course have seen their wages stagnate?

We need to ensure that research funding continues to grow to combat this disease.

To the extent whether or not, in analyzing this particular situation, looking back at Sarbanes-Oxley, are there any areas where you think we could, where that Act needs to be tinkered with in any way to address this particular situation.

So the question is whether or not... you would recommend that there be some statutory response to that.

I think that this one that is very much on our mind now as we look at--as I said earlier, we are going to review the rules.

I am told, other than on a relatively few violations of the fraud statutes, most of the violations were of SRO regulations.

I wish you would on that because I would be interested in how that might work.

I would be interested in your comments on that.

I am particularly disturbed, I will tell you, when I find that about a third of this $1.4 billion is actually a penalty.

The point that Senator Sarbanes made, Senator Shelby has made, and others have made from the outset about the issue of confidence is the most critical issue for all of us here.