The SEC was created during the great depression to regulate the stock market and prevent the great depression for ever happening again. It has clearly failed in that mission. It failed to investigate the Bernie Madoff swindle dispite allegations of fraud going back ten years. It has created Sarbanes-Oxley regulations onerous enough to drive business off shore to London to avoid them.
Since it doesn't work, harms the economy, and costs $1 billion dollars a year to operate, let's just shut it down.
While we are at it, we could shut down the CIA too. They don't work,they failed to warn of 9/11, claimed that Saddam had nukes, and have harmed the war on terror thru a series of treasonous leaks. And attempted to destabilize the Bush Administration thru the Valerie Plame affair. All the real intel comes from NSA any how. Why do we keep funding those losers?