House, Senate Announce Hearings on SEC IG’s Madoff Report

CapitolDome230Rep. Edolphus Towns, chairman of the House Oversight and Government Reform Committee, said Thursday that he will convene hearings on the failure of the SEC to properly investigate the Madoff Ponzi scheme.  Towns comments came after he reviewed the SEC Inspector General’s report on the SEC’s efforts in the Madoff case.

Reuters reports that Towns “asked SEC chairman Mary Schapiro for information on staffing qualifications, and whether a 2002 effort by Congress to reverse turnover and experience problems at the agency has had any impact.”

The Senate Banking Committee also has announced plans to hold a hearing on September 10 to examine the report.

Read the Reuters article.