On the recordNovember 2, 2011
I think our financial system failed in part because our regulatory system failed in 2008.
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congress.govI think our financial system failed in part because our regulatory system failed in 2008.
Gensler attributes the financial crisis to failures in the regulatory system.
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The SEC is very much implementing the priorities that I and my Democratic colleagues championed when we were in charge.
In fact, we do need to do analysis because Congress mandated it. We have to analyze the efficiency, the competition, and the effects on capital formation.
I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets where issuers are asking the public to buy and sell their securities.