Subcommittee Chairman Jack Reed, D-RI, called the hearing “critical” given the scrutiny the Securities and Exchange Commission has been under in recent years with the Bernie Madoff and Alan Stanford scandals. Reed was upbeat about changes that SEC Chairwoman Marcy Schapiro had made in almost three years at the helm, particularly by bringing in well qualified individuals as senior managers. Reed also called for full funding of the commission’s budget.
