Katie Porter actually said...

"Will it be the FDIC?"

"The SEC's penalty scheme is outdated and it is ineffective in disincentivizing bad behavior."

"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..."

"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."