Tuesday, September 21, 2010
SEC Commissioner Elisse B. Walter chaired the SEC's first Field Hearing on the State of the Municipal Securities Market in San Francisco today. In her opening statement, she explained that:
The purpose of these hearings is to explore the issues relating to the municipal securities market that arise under the federal securities laws. At the conclusion of all of the hearings, the Commission staff will prepare a report concerning what we have learned, including their recommendations for further action that we should pursue, which may include legislation, rulemaking and changes in industry practice. These hearings will be instrumental in informing those recommendations. Thus, the Commission's standard disclaimer, which I make for myself and all other Commission participants, is particularly apt — that our remarks today represent our own views, and not necessarily those of the Commission, other Commissioners, or members of the staff. And, I would like to add that the views we express today may well change in light of the valuable input we will receive today and throughout the course of the field hearing process.