Commissioner Luis Aguilar of the Securities and Exchange Commission (SEC) spoke about how to maximize the effectiveness of the SEC's enforcement of the federal securities laws. After noting that investors have "little or no trust in our markets," he emphasized that the SEC must focus on holding individuals accountable, on maximizing deterrence by using all available sanctions and on paying attention to recidivists. He also urged Congress to enact the proposed Stronger Enforcement of Civil Penalties Act of 2012, which would increase certain per-offense financial penalties to the greater of (1) $1 million for individuals and $10 million for firms, (2) three times the gross pecuniary gain, or (3) the total losses incurred by investors.