Madam Speaker, I want to point out that Harry Markopolos discovered the whole Ponzi scheme that was perpetrated by Bernie Madoff, and he did so 10 years before the scheme was uncovered.
He went to the SEC, which is why I want to deal with the comments the government member just made regarding the National Securities Commission. He went to the SEC but the SEC is an old boys' club composed of industry insiders. In fact, I believe Bernie Madoff's son-in-law is one of the investigators.
My point is that it does not matter what sort of organization is set up, it is the people who are running the organization who need to be arm's length people, they need to be armed with police type powers and they need to have forensic accounting facilities included with them.
Just having a national securities regulator, if a bunch of industry insiders are appointed to run it, it will not get us any further down the road.