Mary Schapiro, who is poised to be sworn in today as the chairman of the Securities and Exchange Commission, will push to broaden the agency's responsibilities as well as to boost its funding levels, she told a top Democratic lawmaker last week.
Responding to written questions from Michigan Sen. Carl Levin, Schapiro said it is "safe to say" that the SEC "has not been funded at a level commensurate with its responsibilities" but that "additional oversight capability is essential and [I] look forward to working with Congress to ensure that the agency has the resources it needs."
Her comments were publicly released following the Senate's unanimous vote Thursday night confirming her as chairman of the SEC. She replaces Christopher Cox, who left the beleaguered agency quietly on Tuesday.
Schapiro, formerly the chief executive officer of the Financial Industry Regulatory Authority, pledged at a confirmation hearing before the Senate Banking Committee earlier this month to "reinvigorate" the SEC's enforcement division and ensure the commission adopts a "laser-like focus" on uncovering fraud and protecting investors.
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