Katie Porter actually said...

"Ms. Porter has a bill that would strengthen the SEC civil penalty authorities by increasing the size of the penalties and by authorizing the SEC to seek different kinds of penalties for different kind..."

"The SEC's penalty scheme is outdated and it is ineffective in disincentivizing bad behavior."

"According to then-SEC Chairwoman Mary Schapiro, the Commission's statutory authority to obtain civil monetary penalties with appropriate deterrent effect is limited in many circumstances."

"Given these problems, the outcome is that FHA is the leading cause of blighted homes in the United States."