Norman D. Dicks: “Since 2008 we have faced the most serious financial crisis since the Great Depression, and we are just not emerging from…”

“Since 2008 we have faced the most serious financial crisis since the Great Depression, and we are just not emerging from this difficult period. I have deep concerns about the magnitude of the cuts contained in the version of the Continuing Resolution that has been drafted by the majority leadership, with little input from the minority. At this time I am particularly concerned about the impact of this bill on the Securities and Exchange Commission, which this bill would cut by $189 million from President Obama for Fiscal Year 2011. This level of spending will preclude the implementation of the Dodd-Frank Act, meaning that hedge funds, credit rating agencies, and broker-dealers will continue to operate without regulation, therefore increasing the risk of another fiscal meltdown. It also takes a big step backwards toward the enforcement situation we had before the crisis, leaving the agency with fewer staff to investigate potential misconduct and police securities markets to prevent another financial crisis.”