Serrano Statement at Hearing on SEC FY12 Budget

"You have been given many new responsibilities under the recently passed Dodd/Frank Act. These new responsibilities are vital to protect consumers and shareholders and to ensure that past abuses are not repeated. Unfortunately, you now have to implement your many new mandates without the necessary resources."

Opening Statement of Congressman José E. Serrano

Financial Services and General Government

Subcommittee

Hearing on the Securities and Exchange Commission

March 15, 2011

Thank you, Chairwoman Emerson, and I too would like to welcome the Chairman of the Securities and Exchange Commission, the Honorable Mary Schapiro, to this hearing of the Financial Services and General Government Subcommittee.

I know that you have been very involved in reforming the internal operations of the SEC and I look forward to learning more about your efforts during this hearing.

You have been given many new responsibilities under the recently passed Dodd/Frank Act. These new responsibilities are vital to protect consumers and shareholders and to ensure that past abuses are not repeated. Unfortunately, you now have to implement your many new mandates without the necessary resources. I look forward to discussing this problem with you in greater detail today.

We are also aware of your need to increase staffing and make significant information technology investments so that you can better fulfill your extensive new responsibilities. These are real needs that we need to work with you on addressing in a timely way.

We are all in agreement that we need a strong SEC to protect us from investment scandals and another meltdown of the securities markets. We cannot afford to repeat our past mistakes but now need a robust and well run SEC so that we can apply past lessons to future challenges.

During today's hearing I hope to learn more about your reform efforts at the SEC and about the progress you are making in this area.

Again, welcome, Chairman Schapiro.

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