Political Quotes

“My amendment is a commonsense provision that would help reverse some of the damaging efforts directed at the SEC we have seen this Congress, efforts that have been squarely aimed at hamstringing the Commission, including: underfunding the SEC by $300 million, or 20 percent below the President's fiscal year 2015 request; bogging down the SEC in onerous cost-benefit analysis provisions that would divert resources away from important efforts, like enforcement; and myriad attempts in the Financial Services Committee to limit the information available to retirees that make decisions about whether to put their hard-earned money into public companies. My amendment would help to counteract these efforts by providing the SEC with the authority to impose and collect reasonable user fees on federally registered investment advisers for the purpose of increasing the number and frequency of SEC examinations. This is consistent with my bill, H.R. 1627, the Investment Adviser Examination Improvement Act, which I have coauthored with Representative Delaney. Today, investment advisers may go more than a decade before being visited by the SEC. It is absolutely essential that we improve the oversight of investment advisers, the people that manage the assets of millions of individual and institutional investors across the country. This is particularly true if we are underfunding the SEC by $300 million, as this underlying bill proposes.…”