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)