There are no absolutes in this world, and there will always be mistakes that are made within brokerage firms; there will always be people who set out to deceive the regulators and even deceive their own senior management.
We have new rules that give shareholders the ability to vote on executive compensation. We have new rules for asset-backed securities. We have new rules around credit rating agencies.
The SEC has actually progressively loosened up the rules and recognized the value of social media, but the goal is always going to be to get information out as broadly as possible as quickly as possible.
I came in with the intention of serving as long as it made sense for me to do so. The election was a natural moment to think about whether I wanted to stay longer, and I'm thrilled to turn the reins over to my longtime colleague Elisse Walter.
It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity.
The SEC got more than 100 rules to write under Dodd-Frank, the lion's share of all the agencies. And we've moved, I think, with a tremendous sense of urgency. But it takes a long time to write rules and get them approved by a five-member commission.
Under the Dodd-Frank law, the SEC got the lion's share of the rules to write, more than 100 rules, and we have done an extraordinary amount of that. Eighty percent have been either proposed or adopted. So, a lot, a lot accomplished but of course, more to do.
When the SEC needs to be deterring corporate wrongdoing, the 'penalty pilot' program sends the wrong message.
