U.S. SEC chief offers to meet with lawmakers on Madoff probe

02.04.09, 07:09 PM EST

WASHINGTON, Feb 4 (Reuters) - Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, in a letter to two House lawmakers:

* Offers to meet with Democratic Rep. Paul Kanjorski and Republican Rep. Scott Garrett to discuss Madoff situation following House Financial Services subcommittee hearing earlier on Wednesday.

'Today's hearing before your subcommittee cannot have been satisfactory for you. The Commission's staff and I understand that you must have adequate information to fulfill your oversight responsibilities.'

* Says needs to be full accounting of both Madoff's activities and why SEC failed to detect the fraud 'which we truly regret'.

* Says SEC is committed to 'making changes that will enhance our ability to detect similar frauds'.

(Reporting by Julie Vorman; Washington desk for company news; +1 202 898 8400, washington.newsroom@reuters.com
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