Madoff is accused of running a $65 billion ponzi scheme and  should be prosecuted to the fullest extent of the law.

The SEC received credible information about the alleged fraud from Harry Markopolos for years and failed to protect innocent investors.  The private sector was well aware of the Madoff ponzi scheme before the SEC.  This Committee must determine why the SEC has repeatedly failed to use tools at their disposal to protect investors and combat fraud despite adequate resources. 

Over the past two years, this Committee has not engaged in appropriate agency oversight.  Committee Republicans will demand more hearings.  Democrats cannot continue to shirk their responsibilities to protect investors.

This is another reminder that our financial regulatory system needs to be updated to meet today's 21st financial markets. This doesn't mean more regulation, but rather, smarter regulation.