by Chairman Christopher Cox
Chairman Frank, Ranking Member Bachus, and Members of the Committee:
Thank you for inviting me to testify on behalf of the Securities and Exchange Commission about reform of the U.S. financial regulatory system.
Unquestionably, the financial regulatory structure that was forged in the Great Depression has served the nation well over the intervening eight decades. Even amidst the current strains on the financial sector, the U.S. capital markets are larger, deeper, and more liquid than any other market in the world. In large measure due to the world-class protections that investors enjoy in the United States, more capital is raised, and more capital is efficiently allocated within our market economy, than anywhere else on earth. These are accomplishments that should be protected.
See full Testimony.
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