Carolyn Maloney: “My amendment concerns title VI of the bill and the enhanced cost- benefit analysis that it requires. The amendment very…”

“My amendment concerns title VI of the bill and the enhanced cost- benefit analysis that it requires. The amendment very simply requires that title VI of the underlying bill needs to basically get in line behind all the critical and previously assigned responsibilities Congress has given to the SEC to keep consumers, investors, and our financial system safe. My amendment would require the Chair of the SEC to certify that the Commission can perform its core mission of protecting investors and do the job it was created to do--safely maintain efficient markets and promote access to capital--before it diverts any of its resources to carry out the new requirements of title VI in this bill. The financial reforms we enacted 2 years ago gave the SEC critical new tools to oversee a multitrillion-dollar market and to help ensure that we do not get ourselves into another financial crisis. And the reforms we previously enacted require the SEC to conduct extensive rulemakings and to complete a number of critical reports. Unfortunately, this Congress has chosen to underfund the SEC and hamper its ability to provide the required oversight of the financial industry. The SEC is now facing a $195 million shortfall this year alone. They are also operating on a budget that is a 12 percent cut from what the President requested.…”