it's my distinkt honor to introduce you to mary shapiro. when she returned to the sec it was her fourth appointment to the commission. it's a testament to her talent and judgment that those appointments are evenly divided. two of them were by republican presidents and two by democrats. her talent for reconciling different sides of complex issues have become important. as we work to be more agile and effective. under her leadership, the ags has improved performance across the board, increased communications with financial markets stakeholders of all times and won broad support from elected of officials on both ends of pennsylvania avenue. since returning she has brought a significant number of actions involving highly sophisticated products and transactions including many many, many arising out of the financial crisis. she launched a program ma combined more programs that ranks risk, thus allowing us to target examinations and protect investors. embraced market stability by dodd-frank, and working around the clock to implement an unpress did

you will also hear from the sec chairman, mary shapiro, and we'll be. t the. >> the. before going on, despite the fact that our srchs. . sdplz all the members of the condition to start, it is my distinct honor to introduce the 29th chairman of the sec, mary shapiro. not too many people realize this, but when she returned to the s to her everett, two programs by republican democrats and two bi as we work to become demanding in the nation's history. we've increased communications with financial market stakeholders of all types and won broad support from elected and political leaders on both ends of pennsylvania avenue. since her return, the agency has brought not only a record number of enforcement cases but a very significant number of actions involving highly complex and sophisticated market practices and products and transactions, including many, many arising out of the financial crisis. she's launched a natural examination program that combines more effective organization and tactics with computeral go rits that identify and rank risk, thus allowing us to more effec

to start, it is my distinct honor to introduce the 29th chairman of the sec, mary shapiro. not many people realize this, but when she returned to the sec in january of 2009, it was chairman shapiro's fourth appointment to the commission. it is a testament to her extraordinary talent and her excellent judgment that those appointments are evenly divided. two of her appointments were by republican presidents and two by democrats. chairman shapiro's talent for understanding and reconciling different sides of complex issues has been vitally important as we work to become more agile and effective during one of the most exciting and demanding moments in the agency's history. under her leadership, the agency has improved performance virtually across the board, increased communications with financial stakeholders of all types and won broad support from elected and political leaders on both ends of pennsylvania avenue. since her return, the agency has brought not only a record number of enforcement cases but a very significant number of actions involving highly complex and sophisticat

mary shapiro of the fcc is not exactly a radical.the one who fended off a whistle blower pointing out that bernie madoff was running a ponzi scheme, saying let's slow this thing down. harry reid has tied an extension of the import-expert bank to this bill, and eric canter, the house majority leader has a sweetheart thing and they may be able to slow it down. but it's just a disgrace that this thing has gotten as far as it's gotten. >> am i right in the belief that we tried this before. we went about a decade where the mantra from wall street and congress was deregulate. self regulation is the way to go. we can trust you, the words uttered by both those on wall street and congress about wall street, it led to the greatest cataclsm for depression. >> it depends on who you mean we. you haven't, i haven't, you have contract for america in '96 gutted investor protections. in '99, the gutting of protections against derivative abuse in 2000. the only exception to this horrendous pattern was the act that tried to remedy a lot of abuses you c

disclosed to investors in as you know at one point, out of frustration, i went to the sec and mary shapiro agreed if you are hacked into as a company it goesebse at sec and that had a substantial impact, actually. i believe this provision is crucial for the market to help solve our cyber vulnerabilities. we'll fight for an amendment on the floor. that's as it should be. the way the system works. but in the interest of to addre questions i agreed to take it out of the bill we introduced this week. any suggestion that this exhaustive process has been anything but open and transparent is patently false. this has been a really open process. pointed out. why have we worked so tireless low to include the views of all sides? why have we tried so hard to get because our country and our communities and our citizens are at grave risk. they simply are. i'm not sure if they're aware. there are so many things, reported in a news cycle, it almost diminishes the overallin. so our citizens have to beep aware of this. this is not a republican, democrat issue, a life fothe ec people. i want to be clear, the

join me in welcoming someone with whom it is an honor and a pleasure to serve as sec chairman, mary shapiro. [ applause ] >> thank you, rob, that was overwhelming. i'm not sure deserved at all, but very, very appreciative. it's a pleasure to be here this morning. i look forward to this conference every year as an opportunity to give a state of the sec exposition, reviewing our recent activities and how we've evolved and how the changes we've made will benefit the markets we regulate and the investors we protect. 20 years ago when i first served as an sec commissioner, the financial world was a very different place. the dow was inching toward the 3,000 mark, derivatives were barely a blip on the radar, a portable macintosh weighed 16 pounds, and all you could do on a cell phone was talk. for most of the sec staff, the biggest market disruption in living memory was the black monday crash of 1987. a near cataclysmic experience, to be sure. so when president obama asked me to return as chairman, i knew the sec would be challenged as never before. markets that had nearly self-sdrukself hi self-d

well you know i think it's a great point laurie and mary shapiro at the f.c.c. has raised some very good points. and she's that we really that investors should be aware of this sector it's things that really changed you know how did we get here you know you may remember in two thousand and eight we had the implosion of lehman brothers and we had against lehman in two thousand and eight but lehman was an investment banking firm we lost lehman we had bear stearns we lost bear stearns and so really a lot of the distribution for i.p.o.'s has been dislocated right at the same time in recent years you've seen the arrival of companies like secondary market in the end like you have the ability to invest in facebook now for the last two years by insiders selling out their shares same thing and saying the same thing in groupon so they'll want a lot of times in these companies were finally go public there'd be no gas left in the engine they basically full on it i think i don't think we go back meaning that you've got that the internet you've got investors that want to inve

what mary shapiro, the chair of the securities and exchange commission, has suggested is that we put provisions in the bill here in the senate which will protect investors. yesterday, i spoke about testimony before the committee. i'm going to ask so that it is a matter of record for consent that the statement of professor john coffey, adolf burrow, professor of law from columbia university law school at a hearing before the senate banking committee on december 1, 2011, be made a part of the record. the presiding officer: without objection, so ordered. mr. durbin: thank you, mr. president. i want my colleagues, many of whom have just read a few press accounts of this bill, to consider carefully the statement made by professor coffey. he has analyzed this bill and raised some important questions about whether it goes too far. now, i will be joining some of my colleagues here in offering a substitute which improves the law for start-up companies but also makes certain that we protect investors and make certain as well that at the end of the day we don't end up with egg on our face. how

chairman, mary shapiro to the banking committee last week. chairman shapiro issues a lengthy list of warnings about provisions in the house bill. she sums up her warnings this way -- quote -- "if the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets and capital formation will ultimately be made more difficult and expensive" -- close quote. that's precisely the opposite of the impact that thee she should wopt. we should listen to the institute of certified public accounts which warns us that the house bill would -- quote -- "create marketplace and investor confusion" -- close quote that dampens rather than strengthens investment in growing companies. and we should listen to the associations, or the association that represents states securities administrators. what does that association do? they warn us that -- quote -- "congress is on the verge of enacting policies that although intended to strengthen the economy, will in fact only make it more

these two items i've entered into the record i think establish both from mary shapiro, chairman of the securities and exchange commission as well as professor coffey, the case for being careful. let's not jump on this freight train and watch it as it plows into a barricade. let's make certain what we do is thoughtful, it does engender economic growth but not at the expense of the integrity of america's financial markets or the expense of innocent investors. mr. president, i yield the floor. a senator: mr. president. the presiding officer: the senior senator from minnesota is recognized. ms. klobuchar: i ask unanimous consent senators are permitted to speak as if in morning business for the next 90 minutes with the majority controlling the first 45 minutes with senators permitted to speak therein for up to ten minutes and the republicans controlling the final 45 minutes. the presiding officer: is there objection? so ordered. ms. klobuchar: i'm honored to be here today with the women senators to talk about the reauthorization of the violence against women act. a law that has a history of

chairman mary shapiro, s.e.c. commissioner luis aguilar, the north american securities administrators association, former s.e.c. chairman arthur levitt, aarp, americans for financial reform, the consumer federation of america, the council of institutional investors, the national association of consumer advocates, public citizen, u.s. perg, the afl-cio, afscme, the national education association, the american institute of c.p.a.'s, the c.f.a. institute and the main street alliance, just to name a few. a broad spectrum of experts who feel that this bill is, as they say, not ready for prime time. in an op-ed in "the washington post" on march 14, two harvard securities professors, john coats and robert posen state in their words -- "this bill does more than trim regulatory fat. parts of it cut into muscle. small businesses will have a harder time raising capital if investors do not receive sufficient disclosure or other legal protections." in his "motley fool" column on march 19, mr. moscowitz says there are four prob

i'm with mary shapiro, the commissioner of the securities and exchange commission.she has warned us. we need to put protections in this bill. it is not going to create the jobs they talk about. it's going to endanger investors. i yield the floor of the senate to the senator from colorado.. mr. bennet: madam president? the presiding officer: the senator from colorado. mr. bennet: thank you, madam president. i thank the senator from illinois for his leadership and agree it's vital that we pass this transportation bill. madam president, in my town halls, we talk about a lot of things that are very different from the things people argue about in this place. one of the things we talk about are the structural issues facing this economy. the first is our gross domestic product, the economic output of the united states of america, which is higher today than it was before we went into this recession. a lot of people don't know that. we're producing more than we were producing before we went into the recession. our productivity has gone up dramatically since the early 1990's

chair mary shapiro, the northern american securities administrator, law professors, advocates and others that absence safeguards ensuring proper oversight, the various provisions in h.r. 3606 may well open the floodgates to repeat the kind of penny stock and other frauds that ensnared financially unsophisticated and other vulnerable investors in the past." "aarp urges the senate to take a more balanced approach." mr. president, that's what we're trying to do, take a balanced approach. i'm not trying to kill the crowd funding idea. i'm not trying to kill the i.p.o. on-ramp idea, which is to help fast-growing they call them ggazelles, to be able to grow a little before they have to bear the burden of some of those regulations. while important, can be burdensome. i understand that. and my committee has been working for months coming up with some very interesting ideas about how it get capital into the hands of small businesses. it is not something that i am unaware of. but the house bill is not the way to go. even president obama sent a statement, the white house sent a statement -- and i'm

so now mary shapiro is talking about reserves for money market funds. hey, hallelujah. we need to do that and she doesn't have any support at the s.e.c. so there are structural things that we could do that would make a difference and give confidence to the market. so instead we produce a 2500 page bill, nobody can understand it and 350 pages interpreting the rule. >> you would disagree with treasury secretary geithner in in "the wall street journal" that we should not back the 2500 page bill? it needs to be -- >> if we had clear signals. >> right. >> i believe we need regulation but it needs to be unambiguous and clear. if we had a 20% market rule, the market would clear itself. people would not put our financial system at risk. if every bank had a 10 or 15% reserve requirement against all of the financial instruments that they have, hey, our system would be golden. individuals could still make a bad decision but the system would always percent veer. >> maybe you should run for office. >> i'm too old. but thank you. >>> the s&p is down by 1.5%. the dow is down by 1.3%.

commissioner aguilar joined the chairman of the s.e.c., mary shapiro, in raising concerns about this house-passed bill. isn't that fair warning that we ought to at least have a hearing on this bill before it passes? i ask unanimous consent to submit commissioner aguilar's statement for the record. the presiding officer: without objection. mr. durbin: thank you. commission aguilar said he shares concerns expressed by many that provisions of this bill would be a boon to boiler room operators, ponzi schemers, bucket shops and garden variety fraudsters by enabling them to cast a wider net and make securities law enforcement that much more difficult. others have raised concern. the north american securities administrators association, the consumer federation of america, the americans for financial reform, the council of institutional investors, securities experts like professor john coffee and former s.e.c. chief accountant lynn turner, the aarp concerned that seniors will be bilked out of their savings with these phony solicitations for companies that may not even exist. i share their co