Mary L. Schapiro: “I think innovation has been a tremendous hallmark of our markets and I think it is important that we preserve that.”

The goal of the whistleblower program is to create a system that incentivizes individuals to come forward with high quality information to help the Commission expose fraud.

we must close gaps in regulation, improve transparency, strengthen enforcement and establish a workable, macroprudential regulatory framework.

Thanks to the strong support that this subcommittee has provided, the SEC has begun to rebuild that confidence by making needed and significant changes to virtually every aspect of our operations.

I think in the first instance, we have got to take care of retail investors. This is really a disgraceful situation in many ways.