Mary L. Schapiro: “the current regulatory system is not up to the challenges posed by modern financial markets and needs to be…”

We have worked tirelessly to make the SEC a more vigilant, agile, and responsive agency over the past 2 years.

The transparency is really the critical piece here because it allows market participants to understand.

But I would also note that in the Senate Agriculture Committee bill, there is a fiduciary duty that swap dealers owe to pension plans and municipalities, and that seems to me to be a very good idea.

Do I wish now that he had been more sensitive to the potential of this issue to raise an appearance of conflict? Yes.