Today at 2:30 pm ET, the U.S. Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment will hold an important hearing on “Strengthening the SEC’s Vital Enforcement Responsibilities.” The hearing comes just one day after the release of an extraordinary Report to Congressional Requesters by the Government Accountability Office (that bears the unextraordinary title of “Greater Attention Needed to Enhance Communication and Utilization of Resources in the Division of Enforcement,” and is available here).
Among the four witnesses at today’s hearing will be Robert Khuzami, the new Director of the SEC’s Division of Enforcement. The GAO report flags numerous gaping holes in the SEC’s Enforcement program that must be addressed immediately. The four questions to which I believe Congress must seek an answer are laid out in detail in this post on my Enforcement Action blog over at Compliance Week.
