It does concern me. I think any time we write blind check legislation, as I sometimes call it, we have to be very conscious of the fact that we could set in motion a complete rewrite of the regulatory regime without perhaps truly intending to do that.
Schapiro warns about the risks of vague legislation affecting regulatory frameworks.
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More from Mary L. Schapiro
I believe that the definition of 'accredited investor' as it stands today does a poor job of screening out people who are unsophisticated.
The worst result I think we could have would be for investors to lose confidence generally again, as they did after Enron, in the quality and the integrity of financial statements.
It is a symptom of the times and a political culture that is quite frankly seriously 'nuts.'
These are critically important goals, and I support robust implementation of the Dodd-Frank Act's whistleblower program to support Congressional intent.