Senate Banking Committee Chairman Chris Dodd said Wednesday that he plans a hearing Sept. 10 on the Securities and Exchange Commission's handling of the Madoff fraud case that is meant to influence the committee's regulatory reform plans.

The hearing is to focus on an SEC inspector general report released Wednesday that "lays out the string of massive regulatory failures and incompetent investigations at the SEC that led to unimaginable loss for so many," said the Connecticut Democrat in a press release.

"It further reminds us how essential it is that we improve both financial regulation and the competence of the regulator," said Dodd. "We will use this report to learn what went wrong and figure out how best to get things right."

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