Garrett Announces Subcommittee Hearing To Conduct Oversight Of SEC
Washington,
March 7, 2011 -
Capital Markets Subcommittee Chairman Scott Garrett announced a Subcommittee hearing to conduct oversight of the Securities and Exchange Commission (SEC) and review the agency’s budget request for Fiscal Year 2012. The hearing will take place on Thursday, March 10 at 10 am in room 2128 Rayburn.
Subcommittee Chairman Garrett said, “It will be instructive for members of the subcommittee, especially some of its new members, to hear directly from the SEC’s division heads about the agency’s priorities and how it is moving forward to address its past shortcomings. With the monumental fiscal challenges our federal government faces, agencies like the SEC that have received significant budget increases over the last decade must be focused on more effectively working within their means, rather than seeking massive budget increases.”
During the hearing, entitled Oversight of the Securities and Exchange Commission’s Operations, Activities, Challenges and FY 2012 Budget Request, the Subcommittee will review the Agency’s mission, operation and activities, including the status of various rulemakings required by Dodd-Frank.
Chairman Spencer Bachus said, “The Dodd-Frank Act gave regulators the directive to write more than 300 new rules. It is imperative that the Committee engage in vigorous oversight to evaluate the rules and also ensure accountability of the regulators. This hearing is just the beginning of our work to hold the SEC more accountable at all levels in light of recent significant failures.”
Witnesses scheduled to testify are:
Robert Cook, Director, Division of Trading and Markets
Meredith Cross, Director, Division of Corporation Finance
Robert Khuzami, Director, Division of Enforcement
Carlo di Florio, Director, Office of Compliance Inspections and Examinations.
Eileen Rominger, Director, Division of Investment Management
###
