We believe that these products absolutely should be regulated and need to be regulated effectively because of the impact that they can have on the economy broadly, but also on particular markets, like the equity market.
Schapiro emphasizes the need for regulation of over-the-counter derivatives due to their economic impact.
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More from Mary L. Schapiro
Do I wish now that he had been more sensitive to the potential of this issue to raise an appearance of conflict? Yes.
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.
I commend Congressman Westmoreland and Ranking Member Frank for bringing forward bipartisan legislation, H.R. 3503, to bring transparency to the PCAOB's disciplinary proceedings.