Mary L. Schapiro: “No. We should not guarantee that nobody fails. We should allow institutions to fail.”

Absolutely not, and I put out a statement to try and make that quite clear that we do not time our enforcement actions by the legislative calendar or by anybody else's wishes.

This is about my belief that their structure presents systemic risk.

Chairman Gensler suggests that legislation should provide for an insolvency framework that protects first and foremost customers, and I completely agree.

The worst result I think we could have would be for investors to lose confidence generally again, as they did after Enron, in the quality and the integrity of financial statements.