Mary L. Schapiro: “the U.S. financial markets failed to live up to their essential price discovery function.”

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.

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.

I think the largest financial firms in this country are just too large, and that their massive size threatens our economic security and puts us at risk in future crises.

Thanks to the strong support that this subcommittee has provided, the SEC has begun to rebuild that confidence by making needed and significant changes to virtually every aspect of our operations.