11/17/2009
https://www.congress.gov...
"The Bernie Madoff fraud was a punch to the gut of our financial system which was already reeling from too many haymakers."
"This kind of exemptive rule is, in my view, deregulation carried to excess."
"I think we are a far cry from the SEC that was established by Joseph Kennedy and Franklin Roosevelt in the 1930s."
"Today's SEC appears stagnant and behind the times, almost always closing the barn door too late."