WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) today delivered the following opening statement at the House Committee On Financial Services oversight hearing with Securities and Exchange Commissioner Mary Jo White. The Committee today continued to exercise oversight over federal agencies to protect taxpayers from wasteful bureaucratic spending:
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Robert Hurt Opening Statement Text
"Mr. Chairman, thank you Chairman for holding today's Committee hearing. I too join in welcoming Chairman White to this Committee.
"I believe that a foremost responsibility of this Committee is to provide the appropriate oversight and scrutiny of the federal agencies' budgets under our jurisdiction. At a time when our nation is approaching a national debt of 17 trillion dollars, federal agencies must learn to work smarter and do more with less.
"As we have seen from this budget request, the SEC has requested a 33% increase in funding. Undoubtedly, Washington, D.C. has piled new responsibilities onto the SEC as a consequence of Dodd Frank. I remain concerned, however, that the SEC has not made the necessary changes to its internal operations and structure, nor prioritized much-needed technology upgrades to oversee our capital markets.
"Additionally, it is important that we ensure that the SEC is committed to completing the rulemakings required by Congress on time, such as those implementing the JOBS Act. I think we can agree that properly functioning capital markets will lead to the real jobs that Americans need – that the people in my Virginia district need.
"I'd like to thank you again for your appearance here, thank you, Mr. Chairman, for holding this hearing, and I yield back my time."