<<Jun 2024>>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Representative Scott Garrett Initiatives

The following is a list of just some of the initiatives spearheaded by Congressman Scott Garrett, current Chair of the House Capital Markets Subcommittee on behalf of Madoff victims. These are largely by-products of a close working relationship between NIAP and the Congressman, who is spearheading serious efforts to improve protections for investors victimized by the Madoff fraud.

• December 20, 2012. House Sub-Committee Chairman Scott Garrett introduced to the House of Representatives “a revised and strengthened version of H.R. 757.” According to the Congressman, “The introduction of this bill before the adjournment of the 112th Congress is to post a marker of our intentions for the work of the 113th Congress.” Based on Garrett’s October letter to NIAP members, this marker legislation is the first of a series of steps toward passage of SIPC legislation in the 113th Congress designed to assist both Madoff and Stanford victims.

• October 1, 2012. Letter to NIAP and SVC – Congressman Garrett commends support and reiterates his continued commitment to H.R. 757.

• March 2, 2012. Garrett Issues “Dear Colleague” Letter urging support for H.R. 757.

• February 24, 2012. Letter to NIAP sent by Garrett and McCarthy, in appreciation of continued support for HR 757.

• August 20, 2010. Letter to Stephen Harbeck, President & CEO, Securities Investor Protection Corporation (SIPC), sent by Kanjorski (Chair) and Garrett, then Ranking Member, Capital Markets Subcommittee. This letter, the first in a series, was the result of a working relationship between NIAP, Garrett, and Subcommittee staff helped establish the massive level of SIPC failures to provide protection and other key issues concerning SIPC and the Trustee.

• September 23, 2010. Capital Markets Subcommittee hearings. These hearings, called by Kanjorski, Garrett and Subcommittee staff, provided a forum for discussion about the SIPC Modernization Task Force. Garrett’s opening statement was essential in setting direction for his position once he assumed chairmanship of the commit.

• December 9, 2010. Letter to Stephen Harbeck, President & CEO, Securities Investor Protection Corporation (SIPC). Garrett’s vigorous follow-up to the August 20 letter. Responses to this and prior letter shaped the essential questions for examination by General Accountability Office.

• December 16, 2010. HR 6531. The Equitable Treatment of Investors Act. Garrett submits end-of-year preliminary “marker” legislation as a commitment to the introduction of subsequent formal legislation.

• February 16, 2011. Letter to Stephen Harbeck, SIPC. This letter results in information (i.e. financial institutions were to receive the bulk of the recoveries) and other key data.

• February 17, 2011. H.R. 757 – The Equitable Treatment of Investors Act, introduced in House of Representatives, co-sponsored by Peter King, Carolyn McCarthy.

• February 17, 2011. H.R. 757 – Introduction statement. This statement lays out Congressman Garrett’s extensive insights into the failures of SIPC regarding Madoff victims, and needed improvements to the investor protection system.

• February 17, 2011. Press Release – The Equitable Treatment of Investors Act. This release, along with the introduction statement announced the submission of the new legislation.

• May 26, 2011. Letter to Gene Dodaro, Comptroller General, General Accountability Office. This document lays out the basic concerns regarding the Trustee’s and SIPC’s behavior regarding the Madoff situation, and requests the investigation by Congress’ chief watchdog, the GAO. In a potentially significant achievement for Madoff investors, the GAO subsequently agreed to take on the investigation, which included a substantial list of problematic issues which were largely revealed by the prior responses by SIPC to Garrett and the Subcommittee’s in-depth questions.

• September 22, 2011. Joint House and Senate Committee hearings regarding “Potential Conflicts of Interest at the SEC: the Becker Case”. Garrett provides statement critical of SEC and its failures regarding Madoff investors.

• October 3, 2011. Letter to Mary Shapiro, Chairman, Securities and Exchange Commission. As a follow up to the OIG’s review of SEC Chief Counsel David Becker, Garrett challenges the SEC in terms of its justification for a Cash-in-cash-out methodology which benefits SIPC and the Trustee, the SEC’s concern about “draining the SIPC fund”, and the massive failure of the SEC to provide proper SIPC coverage for investors. It asks Shapiro to hold off a re-vote on the SIPC methodology until the GAO has reported its findings.

• November 4, 2011. Letter to Mary Shapiro, Chairman, Securities and Exchange Commission. Asks for “bold” leadership from SEC to improve the circumstances for Madoff customers, “encourages” dialogue between the SEC and Subcommittee, which oversees the SEC. • December 14, 2011. Garrett speech to US Chamber of Commerce, entitled: “Rethinking Priorities: the Need for Fundamental Reform at the SEC”.

Share This Page:
  • email
  • Facebook
  • Twitter
  • LinkedIn