the emerging story about the gigantic made off ponzi scheme and the repeated failure to detect it fortunately we have not had any cut comparable investments gandalf's emerged since then but we have seen the scandal of ten percent unemployment that is rooted in a meltdown of the securities markets i hope that this year's hearings can focus on two issues first how is reforming its internal operations especially in light of the substantial increase in funds that have been provided sec and how does the proposed to reform the securities markets to better serve the american people the meltdown in our securities markets and zero eight and zero nine was the driving force in the financial crisis that has brought the worst economic downturn in almost eighty years although the unemployment rate has stopped rising we still find almost one in ten people in our labor force without work and one in six are either unemployed or underemployed clearly there is more work to be done the securities and exchange commission must be nimble to adjust to rapid changes in the securities markets to effectively enforce the current rules the f c c must run even faster to keep up with the sophistication of the clever process there is like made off sanford and the galleon hedge fund in the last two years this committee has boosted funding by more than twenty percent in part to strengthen the size gills and technology of its inforce men and analytical staff this hearing will examine how effectively the commission is using great depression that had also been triggered by a meltdown in securities markets the securities and exchange act of one nine hundred thirty four set out the purposes of the in very broad terms quote to protect interstate commerce the national credit the federal taxing power to protect them make more effective the national banking system and federal reserve system and to ensure the maintenance of a fair and honest market in such transactions if events in the securities markets over the last year and a half have taught us anything it should be that what happens in securities markets can have major consequences for commerce credit tax revenues the  as well as investors we count on the agencies most closely tied to the securities markets to take a broad view of its responsibility concerning the health of the economy of the economy and not merely investor anything like this from happening again in other words we are looking to you and says this country is looking to you and the commission for protection and speaking of doing a good job leading the f c c and we are grateful for your efforts and the efforts of your entire staff at the f c c you know while the markets are performing better than they were at this time last year i think all of us must admit that we have a long way to go before we can fully restore consumer confidence for investor confidence because i think of investors not just with wall street executives but really the men and women who i represent in my congressional district who are saving money to send their children to school to buy a new home trying to save for retirement and the task of trying to improve transparency in our securit markets is a great one and it's a challenging one as well as uncovering fraud and deception while not over regulating our markets and hindering economic recovery so millions of americans are looking to you to improve the integrity of the markets and i look forward to working with you as my pal joe serrano to ensure that you have all the tools and resources you need to ensure that our investors are protected and that the markets are properly functioning however  i have to point out that since the failure of companies such as enron or global crossing arthur andersen and the congress have have provided the f c c with additional regulatory tools with the enactment of the sarbanes oxley legislation and has of it's not is something that we ought to talk to our friends in the authorizing committee and if they get too wrapped around the actually maybe think about getting away with something that ought to be a blatant violation of just common sense it's a farms to really depend on them to reduce risk and if we lose more over the counter derivatives onto exchanges or onto into clearing how through clearing house for gross negligence i haven't read the gentleman's book about made but i saw a guy on the today show my wife brought it to you your predecessor on a silver platter nothing happened i want to save time for my friend mr kirk who is capable and knowledgeable but i wanted to bring to your attention very quickly