We frankly spent too much time worrying about the underwriting fees of Wall Street and not enough time worrying about protecting investors from false and misleading information.
Critique of focus on Wall Street fees over investor protection.
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More from Mary L. Schapiro
If people understand in the marketplace the institutions will be unwound, they will be permitted to fail.
Absolutely not, and I put out a statement to try and make that quite clear that we do not time our enforcement actions by the legislative calendar or by anybody else's wishes.
I think if we don't cover all dealers regardless of whether they are deposit-taking institutions... we will see business migrate from well-regulated institutions to less well-regulated institutions.
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.