Senate banking committee to review SEC reforms with Madoff in mind

09/9/2009 | Bloomberg

The Senate Banking, Housing and Urban Affairs Committee will review reforms made by Securities and Exchange Commission Chairwoman Mary Schapiro to avoid scandals of the type caused by Bernard Madoff's Ponzi scheme. The agency was blamed in a report by an SEC inspector for ignoring warnings about Madoff. Senate hearings, which begin Thursday, will review Schapiro's changes, which include appointing senior officials, instituting policies to speed up investigations, creating a system for investigating warnings and proposals to further regulate money managers.

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