Senator Schumer to seek SEC reform, cites Madoff
Legislation to reform the U.S. Securities and Exchange Commission and prevent another Madoff-style fraud from escaping notice will be offered by U.S. Senator Charles Schumer, he said in a statement on Thursday.
Citing a recent report that showed the SEC botched numerous opportunities to uncover financier Bernie Madoff's years-long fraud, the New York Democrat said in the statement that he will present the bill at a news conference.
(Reporting by Kevin Drawbaugh; Editing by James Dalgleish)
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