U.S. Securities and Exchange Commission Chairman Mary Schapiro testified before the financial crisis inquiry commission yesterday and advocated for the tightening of securitization requirements.

The commission, which was set up by Congress last year to find out the root cause of the current economic crisis, started hearings yesterday with testimonies from Schapiro, Federal Deposit Insurance Corp. Chairman Sheila Bair as well as the top executives of four of the six biggest U.S. banks. The commission's 10-member panel will report its findings this year after holding more hearings in the upcoming months.

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