Last January, right here in this room, a little more than 1 month after Bernard Madoff confessed to running a $50 billion multi-decade Ponzi scheme, this Committee held a hearing to try to understand how a fraud of that magnitude could go undetected by the Securities and Exchange Commission for so many years.
Shelby reflects on the SEC's failure to detect Madoff's fraud.
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A lot of people, including this Senator, believe that the request is not enough considering the problems in the world.
As Senator Shelby at our Senate testimony hearing last March pointed out to us, we must maintain what we have before we can build new, and I think he hits the mark head-on.
The Department of Navy has played and will continue to play a critical role in the defense of our Nation.
I remain concerned that the Air Force budget request is insufficient considering the needed modernization across the inventory with a rapidly evolving threat.
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