On January 10, 2009, SEC Commissioner Luis A. Aguilar delivered a speech entitled, “Empowering the Markets Watchdog to Effect Real Results” in which he presented some specific “internal shifts in policy” that he would like to see made immediately. The speech was notable for the unusually candid recognition by Aguilar of several SEC policies and practices that do not appear to be working as intended, and for his concrete suggestions on how to shift certain of these policies and practices for the better.
Looking back at his first speech as an SEC commissioner several months ago (available here), Aguilar stated:
