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[0] HEARING OF THE CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSORED ENTERPRISES SUBCOMMITTEE OF THE HOUSE FINANCIAL SERVICES COMMITTEE SUBJECT: SEC OVERSIGHT: CURRENT STATE AND AGENDA CHAIRED BY: REPRESENTATIVE PAUL KANJORSKI (D-PA) WITNESS: MARY SCHAPIRO, CHAIRMAN, U.S. SECURITIES AND EXCHANGE COMMISSION LOCATION: 2128 RAYBURN HOUSE OFFICE BUILDING TIME: 10:00 A.M. EDT DATE: TUESDAY, JULY 14, 2009 (Part 4).

Article Excerpt
REP. KANJORSKI: Thank you Mr. Klein. Now we'll hear from the gentleman from California for three minutes, Mr. McCarthy.

REP. KEVIN MCCARTHY (R-CA): Thank you Mr. Chairman. Thank you for scheduling this hearing today so we can hear from the new SEC Chair Mary Shapiro about your agenda.

The last time this committee heard from the SEC was to discuss the Bernie Madoff scandal prior to your tenure and I will tell you I was frustrated with the responses that the members received regarding the SEC handling of the Madoff ponzi scheme. It seemed as if the right hand didn't know what the left hand was doing.

To try to fix this, I introduced legislation to restructure the SEC to return inspections and examination functions to their original location within the division of investment, management, trading, and markets. This change would streamline operations at the SEC and reduce their current stovepipe structure with those charged with inspecting and examining organizations are entirely separate than those who set the policy.

With that said, I do appreciate you coming and I look forward to a new direction and a new restructuring. I yield back the balance of my time.

REP. KANJORSKI: Thank you very much Mr. McCarthy...

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