Securities and Exchange Commission Chairman Mary Schapiro testified about various reforms and operations at the agency. In her remarks she said the agency was implementing programs to improve enforcement efforts and taking initiatives to protect investors in the wake of the financial crisis and the agency’s failure to uncover the fraud.

A series of regulatory proposals made by the SEC included restricting short-selling in down markets, strengthening oversight of mutual funds, tightening scrutiny of investment advisers and making it easier for shareholders to seat directors on company boards. The SEC also was working to identify emerging risks to investors, including so-called “dark pools,” or automated trading systems that don’t publicly provide price quotes.