SEC chair rejects quit calls

ABS-CBN News

Posted at Feb 07 2009 09:11 PM | Updated as of Feb 08 2009 05:11 AM

Securities and Exchange Commission chief Fe Barin on Saturay rejected calls for her resignation insisting she has not been remiss in her duties.

Some senators have blamed Barin and her agency for the financial woes of some pre-need firms, which informed the SEC of their problems as early as 2007.

Lawmakers have criticized the SEC, tasked to regulate the pre-need industry, for allegedly failing to do its job.

When asked if she felt she has been remiss in her duties, Barin said, “That is their opinion. I still have not admitted that I have been negligent."

"We really need to get more people and the resources to keep them,” she told ABS-CBN News Channel (ANC) in a telephone interview.

In a Senate hearing last week, Barin defended the SEC saying they didn't have enough staff to monitor all pre-need firms. – report from ANC