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Better Markets Applauds Sen. Mark Warner’s Demand that the SEC Act on the Long Overdue Consolidated Audit Trail

FOR IMMEDIATE RELEASE
Thursday, March 3, 2016
Contact: Shanessa Bryant, 202-618-6433 or sbryant@bettermarkets.com

Better Markets Applauds Sen. Mark Warner’s Demand that the SEC Act on the Long Overdue Consolidated Audit Trail

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following remarks by Senator Mark Warner at today’s Senate Subcommittee on Securities, Insurance, and Investment hearing demanding that SEC urgently, and finally, act on Consolidated Audit Trail:

“A consolidated audit trail will be the night vision goggles that enables the SEC to see into the opaque and fragmented securities markets, and track and find those who abuse the system and investors.  It is an inexcusable failure not to have, in 2016, a comprehensive consolidated audit trail enabling it to accurately and efficiently track activity in our markets. 

As Senator Mark Warner accurately pointed out at a Senate hearing today, the SEC has talked about a consolidated audit trail for more than six years. In the meantime, investors have been hurt, lost their savings and their confidence in the markets because of the widely reported ‘Flash Crash’ in May of 2010, the many ‘mini’ flash crashes that occur frequently and numerous other market disruptions of unknown origin.  Senator Warner is right: the SEC has had more than enough time and input to propose a viable consolidated audit trail. Now is time for the SEC – and the SEC alone – to create and operate a consolidated audit trail, and not continue to outsource such a critical tool to conflicted self-regulatory organizations or contractors, or delay it any further.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com. 

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