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Speaker 1: Speaking of back and forth. We are greatly valued by

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Speaker 1: the perspective of Arthur Levitt, the former chairman of the SEC.

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Speaker 1: But I would suggest that Chairman Levitt brings not a

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Speaker 1: bias but his view Rob Trick and Elly does not.

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Speaker 1: He is cut throat and being fair and balanced and

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Speaker 1: looking at SEC changes. Rob Trick and Elly, let me

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Speaker 1: cut to the chase for Global Wall Street. Is it

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Speaker 1: thumb up or thumb down on new SEC legislation? Wow,

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Speaker 1: that's you cutting right to the chase. Yeah, I would say, uh,

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Speaker 1: I mean probably thumbed down because none of it's going

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Speaker 1: to become law. I mean really, there's a bunch of

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Speaker 1: bills just came out of the House committee that handles

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Speaker 1: this um. Some of it is Republican messaging, something that

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Speaker 1: is small tweaks to the financial laws that uh that

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Speaker 1: they've been pushing that kind of thing for a while.

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Speaker 1: But you know, you, it's hard to say if any

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Speaker 1: of it's going anywhere. You have been doing this for

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Speaker 1: for a long time. Is the lobbying effort of Wall

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Speaker 1: Street different now than it was three or four years ago,

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Speaker 1: or particularly two thousand and six. Is there a different

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Speaker 1: ballet in your Washington you're with Bloomberg b NA. So

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Speaker 1: you just see this all the time. The canopies changed

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Speaker 1: at the St. Regis Hotel. Uh, you do see a

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Speaker 1: little bit of an effort just because even the term

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Speaker 1: Wall Street is something that lawmakers kind of run away

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Speaker 1: from with this political climate. And it seems even on

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Speaker 1: kind of both sides of the aisle of some extent. Uh,

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Speaker 1: the you know, the largest banks and these bigger institutions

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Speaker 1: are are just um are a little bit more radioactive

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Speaker 1: in a way that they weren't even and even just

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Speaker 1: a few years ago. What is the piece of legislation

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Speaker 1: of the House And you're saying it's not going to

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Speaker 1: get through. I don't need to memorize it over the weekend.

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Speaker 1: I mean, I get that, But what's a single interesting

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Speaker 1: and valuables for our listeners. I think the new thing

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Speaker 1: we've seen UM this past week was dealing with proxy

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Speaker 1: advisory firms UM, which you know, give proxy shareholders advice

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Speaker 1: on voting on certain shareholder initiatives. UM. House Republicans now

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Speaker 1: pushing an effort that would make those firms have to

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Speaker 1: register with the SEC and subject them to new conduct standards.

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Speaker 1: And that's that's kind of a new thing. We haven't

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Speaker 1: really seen that um out of the chamber yet. And

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Speaker 1: the bill went through committee with some Democratic support, but

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Speaker 1: you do have some on the left saning it's just

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Speaker 1: another attempt to hamstring shareholder proposals. Where are we on

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Speaker 1: the budget for the SEC? Know, Arthur Levitt clearly as

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Speaker 1: an angle there that they're under budgeted and understaffed. Does

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Speaker 1: anybody down there push against former chairman Levitt? Uh? Yeah,

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Speaker 1: I mean the the House House Republicans want to cut

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Speaker 1: the Agent sees budget by fifty million dollars from what

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Speaker 1: was enacted for this year. Um, and Senate Republicans have

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Speaker 1: kept it flat. But you hear um from the left

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Speaker 1: and from the agency that even the current level isn't enough.

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Speaker 1: The White House wanted a just for you know, to

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Speaker 1: put some numbers ont of this. They get one point

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Speaker 1: six billion for the current fiscal year, and the White

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Speaker 1: House and the Agency asked for almost a two million

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Speaker 1: dollar increase. You know, they want more exams of investment advisors. UM,

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Speaker 1: they want more I T upgrades, more enforcement staff and UM,

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Speaker 1: you know Republicans are are balking at that. And um,

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Speaker 1: you know there are two different versions of a spending

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Speaker 1: bill out in Congress right now, one keeps it flat,

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Speaker 1: one with a slight cut that will probably get resolved

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Speaker 1: going forward, maybe split down the middle. But um, you

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Speaker 1: know it is it's either going to be flat or cut.

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Speaker 1: It looks like, yeah, I I look at this in

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Speaker 1: the bell. I just you know, very quickly, here is

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Speaker 1: the SEC short of staff. I mean, I'm always fascinated

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Speaker 1: by pe boll that going. They worked there not for

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Speaker 1: a cup of coffee with respect. They work hard and

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Speaker 1: for a long time, but the then go right on

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Speaker 1: to the next job within the revolving door of the SEC.

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Speaker 1: Are they short of warm bodies? I think so. You

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Speaker 1: just look at how far behind they are in their

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Speaker 1: rulemaking mandates, um, and just even the fact that they

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Speaker 1: don't they have it's a five member commission with only

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Speaker 1: three commissioners right now. They're they're they're short both at

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Speaker 1: the commissioner or the political level and at the end

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Speaker 1: at the staff level. Thank you so much? Is it

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Speaker 1: really really nice update? I learned a let there. Mark

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Speaker 1: Rob trick an Elli rather with Bloomberg b n A

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Speaker 1: with his work on the update on the SEC. You know,

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Speaker 1: he says, I got right to the point I think

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Speaker 1: you have to do that folks with legislation because so

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Speaker 1: much is analysis of it. And all I want to

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Speaker 1: know is does it have a chance of getting through

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Speaker 1: and using the cases? Uh? Maybe not. Rob Trick CONNELLI

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Speaker 1: with Bloomberg BNA