The role of the SEC has never been more important. While the structures of financial services regulation are properly being reevaluated and adapted to changes in the marketplace, what remains constant is the exceptionally high level of professionalism among the staff of the Commission. During the market turmoil of the last year, the professional men and women of the SEC worked around the clock, seven days a week, to bring accountability to the marketplace and to see to it that the rules against fraud and unfair dealing are rigorously enforced. In the months and years ahead, the SEC will continue to work to bring to justice those who have violated the law, and to help mitigate the effects of the credit crisis on investors and our markets.

The events of 2008 have shaken the financial world, and highlighted fissures in the global regulatory system. As lawmakers in the United States and around the globe begin to modernize financial regulation, it will be vitally important to build on the strengths in the current system while closing gaps and harmonizing inconsistent approaches. In that exercise, policy makers would be wise to recognize what is our greatest strength of all: the several thousand men and women of the SEC who have so selflessly devoted themselves to law enforcement and regulation for the protection of investors, markets, and capital formation. They represent the nation’s finest—and this 75th anniversary report is deservedly dedicated to each of them.

Sincerely,



Christopher Cox
Chairman