Mary L. Schapiro: “I think in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in…”

This year we find ourselves at a critical juncture, and that is because the Congress has challenged us not only to continue our reform efforts.

we must close gaps in regulation, improve transparency, strengthen enforcement and establish a workable, macroprudential regulatory framework.

I do believe that we cannot suffer under the too-big-to-fail doctrine as an economy for very much longer.

I think in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in many ways.