On the recordJuly 7, 2016
With regard to the new SEC and the old SEC, I have been here a little less than 8 years, but I heard the new SEC Secretary say, well, there is really nothing to worry about and that half of the 38 employees who were culpable in allowing Madoff to run free are no longer with the agency. She couldn't tell us what happened to them, if they were with another Federal agency or if they retired on the public dime. That is just like saying a pedophile changed neighborhoods--problem solved. The fact is that we need to have the SEC focus on protecting investors. That is their main course. That is what they are supposed to do, and that is what the public expects them to do. That is what this amendment will allow them to do. Mr. Chair, I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentleman from Florida (Mr. Posey). The question was taken; and the Acting Chair announced that the ayes appeared to have it.
