Join us for our latest episode of "As the Door Revolves," in which the door spins even faster between the SEC and big business. It's called "regulatory capture" -- the takeover of government agencies by the very corporations they're supposed to keep an eye on.
She now has an opportunity to show that she also has the strength of character to lead this often-fractious agency in these difficult and challenging times. Nothing less than the safety and integrity of our capital markets depend on the choices she makes.
For the SEC to do its job properly, it needs adequate resources, and for that it needs the support of Congress. To understand why the budgetary issue is so important, and why the SEC deserves more funding, let's look at the trajectory of the Commission since the Madoff scandal.
Just recently, Washington announced the creation of a "dream team" of financial regulators, called the Systemic Risk Council. Great idea, but here's a question: Why was the current chairwoman of the SEC, Mary Schapiro, not included?
If Congress is truly serious about banking reform, it needs more than just well-intentioned laws: it also needs the right people to enforce those laws, it needs to give those people the resources they require to do their job properly, and it needs to pay them decently.