System Behind the Times

Mary Schapiro told the Senate Banking Committee at her confirmation hearing that our regulatory system has not kept pace with the markets or the needs of investors.We need to modernize our regulatory system to match the reality of the global markets.The Securities and Exchange Commission needs more resources to investigate and go after cheats.Seventy-five years after its founding,the SEC finds itself in a position where it must rejuvenate our markets and economy.One of the real tragedies is that we have this stovepipe regulatory regime that allows activities to occur beyond the view of regulators,Ms.Schapiro observed.