Political Quotes

“today I am reintroducing legislation that extends the time period the Securities and Exchange Commission, SEC, would have to seek civil monetary penalties for securities law violations. This legislation continues to be necessary in light of the Supreme Court's decision in Gabelli v. SEC in which the Court held that the 5 year clock to take action aginst wrongdoing starts when the fraud occurs, not when it is discovered. Unfortunately, Gabelli has made it more difficult for the SEC to protect investors by shortening the amount of time that the SEC has to investigate and pursue securities law violations. Financial fraud has evolved considerably over the years and now often consists of multiple parties, complex financial products, and elaborate transactions that are executed in a variety of securities markets, both domestic and foreign. As a result, the evidence of wrongdoing needed to initiate an action may go undetected for years. Securities law violators may simply run out the clock, now with greater ease in the aftermath of Gabelli. Couple this with the reality that while we have given the SEC even greater responsibilities, Congress, despite my ongoing efforts to urge otherwise, has not provided the agency with all the resources necessary to carry out its duties.…”