On September 15th, the House Financial Services Committee held hearings entitled: "Fixing the Watchdog: Legislative Proposals to Improve and Enhance the Securities and Exchange Commission." Issues discussed at the hearings included proposed H.R. 2308, the SEC Regulatory Accountability Act, and the SEC Modernization Act of 2011. The SEC Regulatory Accountability Act would require the SEC to engage in additional cost-benefit analysis before promulgating any new regulation. The SEC Modernization Act would reorganize and restructure the agency. The Washington Post reported that former SEC Chairman Harvey Pitt blasted both proposals, noting that the SEC Modernization Act would cause some divisions to lose critical independence and calling the Regulatory Accountability Act cumbersome and imprudent. He also had sharp words for SEC Inspector General David Kotz. Pitt Remarks. See also Hearing Webpage.