Mary L. Schapiro: “We have to have an overriding concern that the integrity of a clearinghouse not be compromised.”

We think the budget increase is really essential, given the additional responsibilities that the agency is taking on under Dodd-Frank and under the JOBS Act.

No. We should not guarantee that nobody fails. We should allow institutions 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 in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in many ways.