Bachus calls for good manners on Financial Services

Specifically, Posey repeatedly asked Schapiro if any SEC employees had been punished for their failures leading up to the financial crisis.

“Has anyone had their wrist slapped yet?” he asked. “Have we blamed anybody?”

Schapiro began to respond several times, at one point saying most of the employees that missed the Bernie Madoff scandal were gone from the agency. However, Posey interrupted her each time, demanding a simple “yes” or “no” answer to his question.

At one point, Bachus stepped in, telling Posey to allow Schapiro to answer.

“She’s not answering, Mr. Chairman,” Posey responded.

Immediately after Posey’s question, Bachus asked lawmakers to exhibit proper respect for witnesses.

“The witnesses are not on trial, and I think they’re due a certain amount of decorum and respect,” he said, noting that he was not directing his comments at any particular lawmaker. “Treat the witnesses with the dignity and respect that they’re due.”

He also added that the regulators testifying before the panel, including Schapiro, were not in their current positions before the financial crisis. The SEC head testified alongside Commodity Futures Trading Commission Chairman Gary Gensler and Federal Reserve Board Governor Daniel Tarullo.