Senate Banking Committee Chairman Christopher Dodd said government regulators need to pay more attention to potential fraud by fund managers, according to MarketWatch.
“Seems to me we need to go back and revisit the whole model for examining fund managers,” he said after a hearing that examined the Security and Exchange Commission’s failure to stop Bernard Madoff’s alleged $50 billion Ponzi scheme.
Last week, Sen. Richard Shelby, R-Ala., introduced legislations that would allocate $20 million to hire new enforcement officials at the SEC.