Highlights and transcript from FOX Business Network’s interview with SEC Chair Mary Schapiro.
SEC CHAIR SCHAPIRO TELLS FOX BUSINESS NETWORK THAT THE AGENCY DOES “NOT HAVE ALL THE TOOLS” THEY’D LIKE TO HAVE
SEC Chair Mary Schapiro spoke with FOX Business Network’s Liz Claman in an interview to air at 3pm ET and said that the SEC “is not as big as it needs to be” and is lacking tools she’d like it to have to get the job done.
SEC Chair Schapiro, Part I
Below are highlights from the interview:
On how the SEC decides what problems to attack first:
“It’s a hard question and it’s one we wrestle with every day—how to allocate our resources—because the SEC is not as big as it needs to be. We don’t have all the tools that we’d like to have.”
“We’re trying to do it all—we can’t do every single thing, so we need to prioritize. Cases coming out of the financial crisis are particularly important.”
On regulating hedge funds:
“I think it’s necessary to regulate hedge funds. They are too big a part of the marketplace for the SEC and the federal government not to have a handle on the impact they’re having on the markets, the strategies they’re employing—it’s time for that to happen.”
On shutting down ponzi schemes:
“We’ve shut down three times as many ponzi schemes in the first half of this year as we did last year.”
On how much larger of a budget the SEC needs:
“There are 3,600 people at the SEC and we regulate about 35,000 entities—that’s a pretty bad ratio…Over the next few years I would like to see the agency expand significantly. We need significantly more money.”