Thank you, Chair Sherman. I am very pleased that you are holding this hearing today.
Our capital markets are the envy of the world, raising trillions of dollars for large and small businesses, and supporting the retirement and savings of investors. Our markets work because participants have to play by the rules. For example, companies that want to raise capital gain the trust and confidence of investors by providing access to reliable and accurate financial information. Our regulators then have unhindered access to both this information and those who audit the information. However, some jurisdictions like the People’s Republic of China have created obstacles to this effective oversight and are undermining the bedrock of investor confidence. So, I look forward to reviewing the actions Congress and the SEC can take to protect our markets.