Carolyn Maloney: “I join her and my other colleagues in speaking out in strong protest to the projected cuts that they are pushing through…”

“I join her and my other colleagues in speaking out in strong protest to the projected cuts that they are pushing through the Securities Exchange Commission, the watchdog agency that is looking to find corruption, abuse and to protect the investors and to protect our financial community. Our Republican colleagues have proposed that the SEC's budget should be cut back to 2008 levels. But I can hardly imagine that they can be pleased at the level of oversight that was performed by the SEC in 2008, the year the economy cratered, the year that massive abuses such as the Madoff scandal came to light, and other abuses. We should not be scaling back the staff and oversight capability of the SEC. We should be adding to it so that they can do a better job in protecting investors and the American taxpayer. According to the SEC inspector general, the Republican proposal would force the agency to cut over 600 staff members--over 600.”