Senator Edward Kaufman (D-Del) on Thursday continued his party's push for more regulatory oversight of the U.S. equity markets by the Securities and Exchange Commission.
Speaking on the Senate floor, Kaufman warned that it could be all too easy for lawmakers to slip back into complacency now that the crisis appears to be over.
"I am deeply concerned that just over one year since the collapse of Lehman Brothers - a failure that helped send us to the brink of depression - Wall Street is essentially unchanged," Kaufman said.
Kaufman highlighted what he believes are the three deadly ingredients currently present in our markets that could lead to another financial debacle: rapid technological developments, a lack of transparency and ineffective regulation that has failed to keep pace with dramatic market changes.
"The SEC must not let months go by without taking meaningful action," Kaufman said. "We need the Commission to report now on what it should be doing sooner to discover and stop any such high frequency manipulation … we must also act urgently because high frequency trading poses a systemic risk."
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