WEBVTT - U.S. Securities & Exchange Commission Chair Garry Gensler Talks SEC’s top priorities for the rest of 2024

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Thank you SEC Chair

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<v Speaker 1>Gary Gensler for to be with you. Er, We're so

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<v Speaker 1>excited to have you. I want to start with the

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<v Speaker 1>uphill battle.

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<v Speaker 2>Some would say you faced at the helm of the

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<v Speaker 2>SEC in terms of you have this very ambitious agenda,

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<v Speaker 2>one of the most ambitious we've seen at the SEC

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<v Speaker 2>in years, but it's faced a lot of legal troubles,

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<v Speaker 2>pushback from Wall Street Corporate America.

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<v Speaker 1>A stat here as I have is your rules.

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<v Speaker 2>Are facing a record number of court challenges. So given

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<v Speaker 2>that backdrop and the legal hurdles you faced, how would

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<v Speaker 2>you grade this SEC? Is it an a foreffort or

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<v Speaker 2>would you say it's a bit more?

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<v Speaker 3>Look, Anne Marie, I'm proud to be in this road.

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<v Speaker 3>It's a privilege every day to fight on behalf Americans,

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<v Speaker 3>investors and issuers, and it's really that. It's like William Douglass,

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<v Speaker 3>our third chair and went on to be on the

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<v Speaker 3>Supreme Court, said, we're the investor's advocate, but we also

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<v Speaker 3>look out for people raising money, the issuers, the folks

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<v Speaker 3>in the middle, some of whom are in this room,

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<v Speaker 3>the broker dealers, the stock exchange is the investment advisors

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<v Speaker 3>and so forth. Ultimately, the investors and issuers are their customers,

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<v Speaker 3>and we are trying to update the rules for the

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<v Speaker 3>twenty twenties. Now we put out an agenda of about

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<v Speaker 3>fifty to fifty five items to do. By the way,

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<v Speaker 3>my predecessor Jay Clayton did sixty four, but we have

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<v Speaker 3>already finalized and implemented really consequential rules, like in the

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<v Speaker 3>last couple of weeks implemented shortening the settlement cycle in

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<v Speaker 3>half to one day from two days. That means if

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<v Speaker 3>an investor sells their stock on a Monday, they get

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<v Speaker 3>their cash Tuesday. They don't have to wait till Wednesday.

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<v Speaker 3>But we also did a lot around corporate governance, how

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<v Speaker 3>insiders sell their stock in the market, and some important

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<v Speaker 3>rules there to restrict the use of non public information

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<v Speaker 3>or even sing down some challenges that we had with

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<v Speaker 3>China and China being in our markets and in the

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<v Speaker 3>cyber world that public companies have to report material cyber events.

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<v Speaker 3>But also we just finalized a rule that all of

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<v Speaker 3>us in this room, if our information at a broker dealer,

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<v Speaker 3>investment advisor gets hacked, they have to give us a

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<v Speaker 3>notice on that. I mean these are things that are

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<v Speaker 3>consequential that we've been able to be successful. So I

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<v Speaker 3>think it's a great agency and we continue basically fighting

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<v Speaker 3>on behalf of the American investor and American issue.

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<v Speaker 2>So the most recent reboot, though, came from the Fifth Court,

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<v Speaker 2>which I think you know about, of course, your attempt

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<v Speaker 2>to regulate private equity funds and also protect private investors

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<v Speaker 2>like pension funds.

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<v Speaker 1>This is what the panel had to say.

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<v Speaker 2>From the court quote, it exceeded the statutory authority by

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<v Speaker 2>adopting the rule.

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<v Speaker 1>So now what's your next move? What's your spons today?

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<v Speaker 3>Well, one is we do everything within the law and

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<v Speaker 3>how courts interpret the law. We're still assessing and looking

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<v Speaker 3>at that ruling out of the Fifth Circuit down in

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<v Speaker 3>Texas and Louisiana, Mississippi, and so we're still assessing that

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<v Speaker 3>as a commission. But at its core, what we were

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<v Speaker 3>really saying there was investors in private funds, which has

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<v Speaker 3>grown to thirty trillion dollars in assets under management. Investors

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<v Speaker 3>in those funds, the limited partners would get quarterly disclosures

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<v Speaker 3>about their fees, performance and arrangements with others, so called

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<v Speaker 3>side letters, and it was under authority that was put

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<v Speaker 3>into law under DoD Frank. The court had a different

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<v Speaker 3>view of that new authority. But we're still assessing what

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<v Speaker 3>to do. But we do everything again a marie within

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<v Speaker 3>the with the law is and how courts interpret it,

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<v Speaker 3>and if need be, we pivot.

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<v Speaker 2>What are the risks to the financial system, say that

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<v Speaker 2>this doesn't happen and blocked are good.

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<v Speaker 3>At the core, what we were seeking to achieve as

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<v Speaker 3>a commission was greater transparency to investors, not to the public,

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<v Speaker 3>but to the investors in these funds, and who's behind

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<v Speaker 3>those investors, those endowment funds, those pension funds. They're the teachers,

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<v Speaker 3>they're the firefighters in every single state in the US,

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<v Speaker 3>They're the university's endowments that are investing in these finds.

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<v Speaker 3>And so it was really about greater transparency, instilling greater

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<v Speaker 3>competition and an important part of the capital markets.

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<v Speaker 1>This came from the fifth circuit. You mentioned Texas.

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<v Speaker 2>A lot of these rebooks that are coming to the SEC,

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<v Speaker 2>are going through and to.

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<v Speaker 3>Other agencies right across the administrative state. You're seeing more

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<v Speaker 3>filings and in a couple of maybe leading in certain circuits.

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<v Speaker 2>So what's your response to that that a lot of

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<v Speaker 2>this is happening through Texas, Louisiana.

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<v Speaker 1>Does it feel political.

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<v Speaker 3>To you, Well, we respond in whatever court we're in,

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<v Speaker 3>and I deeply believe in our democracy, parties have a

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<v Speaker 3>right to go into court. We're a law enforcement agency.

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<v Speaker 3>We bring seven or eight hundred law enforcement actions a year,

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<v Speaker 3>many of them settled with some of them that go

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<v Speaker 3>into court, and we really respect the courts and follow

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<v Speaker 3>what they say.

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<v Speaker 2>We also have frozen right now the emissions disclosures because

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<v Speaker 2>that's also facing a ton of lawsuits. So SEC decided

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<v Speaker 2>to freeze them. What happens if they become unfrozen? How

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<v Speaker 2>quickly do companies need to disclose these kind Just.

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<v Speaker 3>A little background. We're a disclosure agency. We're a securities agency.

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<v Speaker 3>And what President Roosevelt pulled together with Congress ninety years ago.

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<v Speaker 4>We just had our ninetieth birthday. It was kind of cool.

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<v Speaker 3>And what they pulled together is that investors get to

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<v Speaker 3>decide on what investments they want, and that we the

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<v Speaker 3>SEC are merit neutral. Further, we are not a climate regulator.

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<v Speaker 3>We are not an environmental regulator. We're not an ESG regulator.

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<v Speaker 3>We're securities regulator. But what we found when I came

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<v Speaker 3>into office, many investors are investing in companies based on

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<v Speaker 3>their climate risk disclosures. And of the top thousand market

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<v Speaker 3>cap companies so called Russell one thousand, ninety percent already

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<v Speaker 3>are making disclosures around climate risk, and nearly sixty percent

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<v Speaker 3>are already making some disclosures around greenhouse gas emissions.

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<v Speaker 4>That would you.

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<v Speaker 3>Asked therein I think we had a role and what

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<v Speaker 3>we finalized a rule to say if material It's only

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<v Speaker 3>if material, investors would need to make those disclosures to

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<v Speaker 3>their investors, because the investors are already making decisions.

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<v Speaker 4>But you're right, it's front of a court.

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<v Speaker 3>I'm not going to get ahead of our really terrific

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<v Speaker 3>lawyers who will have a chance to lay out that

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<v Speaker 3>in front of a course.

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<v Speaker 2>I guess the question I have is will there be

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<v Speaker 2>a timeline that companies will know that they need.

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<v Speaker 1>To start disclosing this.

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<v Speaker 2>How quickly can you move with the rules once it's

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<v Speaker 2>out of the court.

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<v Speaker 3>Yeah, Marie, it's a good question, of course. It relates

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<v Speaker 3>to what a court tells us. We laid out a

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<v Speaker 3>set of implement it's called implementation timeline over a course

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<v Speaker 3>of several years, depending upon what the court says. We

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<v Speaker 3>did stay the rule, so that means it's stayed. But

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<v Speaker 3>once we hear from the courts, Well, I think you've

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<v Speaker 3>got a good question.

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<v Speaker 1>So another place that you've been trying to tighten the rule.

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<v Speaker 4>Sorry if we didn't make news there.

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<v Speaker 2>Yeah, so it's okay, maybe here we can.

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<v Speaker 1>And a lot of people are interested in this.

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<v Speaker 2>There's a lot of messages when you tweeted that you

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<v Speaker 2>were going to be doing this conference, a lot of

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<v Speaker 2>messages from the crypto community.

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<v Speaker 1>This is a place that you've tried to also tighten

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<v Speaker 1>the rule.

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<v Speaker 3>One hundred and twenty trillion dollar capital markets and lo

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<v Speaker 3>and behold, I made it six minutes and fifteen seconds.

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<v Speaker 4>And now you bring up.

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<v Speaker 1>Crypto, Well there's some other you know, other leg to

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<v Speaker 1>get used.

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<v Speaker 3>It gets clicks for Bloomberg.

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<v Speaker 1>Well, people are, people are.

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<v Speaker 2>Interested in this, and actually it's becoming a political issue.

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<v Speaker 2>So but I first want to talk about how do

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<v Speaker 2>you reconcile broadly going after some of the issues in

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<v Speaker 2>the industry at the same time as approving things like

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<v Speaker 2>the bitcoin ETF and potentially the theory of ETF.

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<v Speaker 3>So in terms of these exchange traded products, any investor

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<v Speaker 3>can express themselves and purchase bitcoin, for instance. And when

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<v Speaker 3>I came to the agency in twenty one, actually there

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<v Speaker 3>were some filings around mutual funds and they ultimately led

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<v Speaker 3>to bitcoin futures exchange traded funds. Those have been around

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<v Speaker 3>for three years. The courts ruled around something called spot

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<v Speaker 3>exchange traded products. I know it's kind of technical, but

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<v Speaker 3>ruled that we should be consistent. We pivoted, we approve

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<v Speaker 3>those in January. I would say this, what the investing

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<v Speaker 3>public has now is an exchange traded product on regulated

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<v Speaker 3>stock exchanges. Now, let me compare that to how people

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<v Speaker 3>generally buy crypto. They're buying it or selling it often

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<v Speaker 3>on non compliant platforms. Why do I say non compliant?

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<v Speaker 3>These platforms also include significant number of tokens, and without

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<v Speaker 3>pre judging any one of them, many of them are securities.

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<v Speaker 4>Because it's the law of the land.

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<v Speaker 3>We follow the Supreme Court's law the land regarding this.

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<v Speaker 3>There's fifteen twenty thousand various tokens and they're offered investment

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<v Speaker 3>contracts schemes that are investment contracts. And you look at it,

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<v Speaker 3>the American public is not getting the proper disclosure that

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<v Speaker 3>they are required to get by law, but they need

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<v Speaker 3>we're merit neutral. But you all, if you're investing, if

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<v Speaker 3>you're listening to the public, you're not getting the.

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<v Speaker 4>Disclosure that you're supposed to get.

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<v Speaker 3>And the intermediaries in the middle of the market, those

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<v Speaker 3>so called exchanges are broker dealers and so forth. If

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<v Speaker 3>they've got hundreds of offerings on that platform, think about it,

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<v Speaker 3>how many of those offerings don't have some group of

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<v Speaker 3>entrepreneurs in the middle. It's a sort of blize logic.

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<v Speaker 3>The result this is a field that the leading lights

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<v Speaker 3>from a couple of years ago are either in jail,

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<v Speaker 3>about to go to jail, or waiting extra day.

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<v Speaker 4>Think about it. This is that field.

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<v Speaker 3>That's the field right now where the public has really

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<v Speaker 3>been harmed and there's significant non compliance in the field.

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<v Speaker 3>And so yes, we're bringing that in front of courts

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<v Speaker 3>and those will play out because folks that are not

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<v Speaker 3>complying with the law hurt the American public.

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<v Speaker 1>But still you're approving ETFs.

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<v Speaker 2>And the one I think there's a lot of excitement

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<v Speaker 2>around is this ethereum ETF because we could potentially see

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<v Speaker 2>it very soon.

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<v Speaker 3>Will they are actually just so I can help you

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<v Speaker 3>out there. As of last year, was already an ethereum

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<v Speaker 3>exchange traded fund based on ethereum futures. Ethereum futures have

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<v Speaker 3>been trading on the Chicago Amercantile Exchange.

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<v Speaker 4>For three or four years.

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<v Speaker 3>We actually UH went live last year and Ethereum futures ETF.

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<v Speaker 3>But yes, we had five filings around cash ethereum exchange

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<v Speaker 3>traded products. Again, I apologize to be that technical, but

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<v Speaker 3>these already exist in some form. But we approve those filings.

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<v Speaker 3>What is in front of us, and it's done at

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<v Speaker 3>a staff level, is what's called the registration statements, the

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<v Speaker 3>disclosure statements. And again these disclosures are really important. They're

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<v Speaker 3>important to investors making investment decisions.

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<v Speaker 1>Will we see that in the next few weeks.

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<v Speaker 3>I don't know the timing, but it's going smoothly. You

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<v Speaker 3>can almost follow it publicly. You see these filings, Bloomberg

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<v Speaker 3>then report so on them, you get more clicks.

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<v Speaker 1>Do you think we'll see it before the election.

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<v Speaker 3>Again, I'm not trying to determine what the staff is doing,

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<v Speaker 3>but it's going smoothly, and I just envision it at

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<v Speaker 3>a staff level and smoothly play out and it's really

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<v Speaker 3>about not the asset managers making the full disclosure so

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<v Speaker 3>that those registration statements can go effective.

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<v Speaker 4>And those lawyers know what that is.

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<v Speaker 3>It's something our Division of Corporation Finance handles hundreds or

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<v Speaker 3>if not thousands of times over anybody's career.

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<v Speaker 4>It's smoothly functioning.

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<v Speaker 3>It's really up to the asset managers to make the

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<v Speaker 3>proper disclosures.

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<v Speaker 2>Back to some of the crypto companies, though a lot

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<v Speaker 2>of them have moved abroad to places like London and Singapore.

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<v Speaker 1>So in that sense, do you think.

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<v Speaker 2>That investors are actually safe because they're still innovating and

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<v Speaker 2>they're still out there in the marketplace, which is not

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<v Speaker 2>in the United States.

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<v Speaker 3>So the extent that they're operating within the basic protections

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<v Speaker 3>of providing the full disclosure what Roosevelt called complete disclosure,

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<v Speaker 3>he called the Securities First Securities Act, the Truth and

0:13:52.280 --> 0:13:55.760
<v Speaker 3>Securities Act. If they're really telling the truth about it,

0:13:56.040 --> 0:13:59.600
<v Speaker 3>and they're making the disclosures and properly registered, and then

0:13:59.640 --> 0:14:03.280
<v Speaker 3>if the intermediaries are operating within the law without the

0:14:03.400 --> 0:14:08.000
<v Speaker 3>conflicts and looks. So much of this field is highly centralized.

0:14:08.240 --> 0:14:12.760
<v Speaker 3>It's not decentralized. That's not what's happening here. It's highly

0:14:12.920 --> 0:14:17.520
<v Speaker 3>centralized around a few platforms that are also centralizing and

0:14:17.840 --> 0:14:22.800
<v Speaker 3>commingling things that we would never allow anywhere else, and

0:14:22.840 --> 0:14:26.200
<v Speaker 3>we don't. The law doesn't allow you to be trading

0:14:26.240 --> 0:14:29.560
<v Speaker 3>against your customers and operating a so called exchange and

0:14:29.600 --> 0:14:37.080
<v Speaker 3>trading in front and possibly also taking investments in a

0:14:37.160 --> 0:14:41.120
<v Speaker 3>investment contract or security and then listing and getting the

0:14:41.400 --> 0:14:45.960
<v Speaker 3>listing pop. I mean, these are all happening potentially at

0:14:46.000 --> 0:14:49.320
<v Speaker 3>these and again we see some of the leading you know,

0:14:49.320 --> 0:14:52.320
<v Speaker 3>two years ago that would have filled a room much

0:14:52.320 --> 0:14:54.480
<v Speaker 3>bigger than this if they were sitting on the stage

0:14:54.800 --> 0:14:56.760
<v Speaker 3>or now sitting in jail or waiting jail.

0:14:57.640 --> 0:14:59.680
<v Speaker 1>Part of the reason why oh I say.

0:14:59.440 --> 0:15:02.520
<v Speaker 3>This and you but this is a serious thing. These

0:15:02.560 --> 0:15:05.400
<v Speaker 3>are a lot of folks that are not living within.

0:15:06.800 --> 0:15:08.240
<v Speaker 4>Our securities laws.

0:15:08.880 --> 0:15:12.320
<v Speaker 3>But they're not necessarily living within our Bank Secrecy Act

0:15:12.360 --> 0:15:16.080
<v Speaker 3>around any money laundering, and they're not necessarily living within

0:15:16.560 --> 0:15:20.200
<v Speaker 3>the Commodity Exchange Act. Like this is a field that's

0:15:20.280 --> 0:15:23.080
<v Speaker 3>sort of built up on a business model that it's

0:15:23.120 --> 0:15:26.960
<v Speaker 3>a non compliant model, and it's not tiki tacky. It's

0:15:27.000 --> 0:15:32.000
<v Speaker 3>about real protections for investors and for other people that

0:15:32.080 --> 0:15:35.400
<v Speaker 3>want to access the capital markets. It's about trust in

0:15:35.400 --> 0:15:36.560
<v Speaker 3>those capital markets.

0:15:38.400 --> 0:15:38.840
<v Speaker 1>As you know.

0:15:38.960 --> 0:15:39.600
<v Speaker 4>Have I been clear?

0:15:39.840 --> 0:15:42.120
<v Speaker 1>Yeah, you're being very clear. As you know.

0:15:42.760 --> 0:15:46.480
<v Speaker 2>Crypto, though, is becoming almost an election issue. There's reports

0:15:46.520 --> 0:15:48.760
<v Speaker 2>that foreign President Trump is going to speak at this

0:15:48.840 --> 0:15:53.280
<v Speaker 2>big bitcoin conference. He said that he will end quote

0:15:53.360 --> 0:15:55.120
<v Speaker 2>Joe Biden's Warren crypto.

0:15:55.600 --> 0:15:56.680
<v Speaker 1>And there's one more.

0:15:58.120 --> 0:16:00.080
<v Speaker 2>It's become such a big deal that Mark Cuban is

0:16:00.080 --> 0:16:02.320
<v Speaker 2>actually said that you, mister Gensler, could quote.

0:16:02.040 --> 0:16:05.800
<v Speaker 1>Literally cost Joe Biden the election. What's your response to this.

0:16:06.680 --> 0:16:09.240
<v Speaker 3>I'm going to be easy with them, Maria. I don't

0:16:09.240 --> 0:16:10.400
<v Speaker 3>speak about elections.

0:16:11.880 --> 0:16:13.520
<v Speaker 1>You don't have a response to mister Cuban.

0:16:14.160 --> 0:16:18.280
<v Speaker 3>I just I just really look My role as a

0:16:18.280 --> 0:16:21.840
<v Speaker 3>securities regulator is chair of this great five thousand person

0:16:21.880 --> 0:16:25.480
<v Speaker 3>agency that oversees one hundred and twenty trillion dollar capital markets.

0:16:26.160 --> 0:16:31.440
<v Speaker 3>We are here to look out for investors, look out

0:16:31.480 --> 0:16:35.600
<v Speaker 3>for issuers, and we're appropriate to.

0:16:35.600 --> 0:16:38.320
<v Speaker 4>Be a cop on the beat. And we have a

0:16:38.360 --> 0:16:43.440
<v Speaker 4>set of rules that are pretty clear.

0:16:43.880 --> 0:16:49.800
<v Speaker 3>There's nothing inconsistent about crypto securities and the securities laws. Unfortunately,

0:16:49.800 --> 0:16:52.040
<v Speaker 3>there's a number of people that are non compliant with

0:16:52.080 --> 0:16:52.600
<v Speaker 3>the laws.

0:16:52.960 --> 0:16:54.200
<v Speaker 1>Let me ask it in a different way.

0:16:54.240 --> 0:16:59.160
<v Speaker 2>Are you surprised by the political movement we've seen around crypto?

0:17:01.600 --> 0:17:05.040
<v Speaker 4>Again? I mean, I'm a securities regulator.

0:17:05.080 --> 0:17:07.840
<v Speaker 3>I'm focused every day on that part of my job,

0:17:07.920 --> 0:17:11.880
<v Speaker 3>which is protecting the investors, looking out for issuers access

0:17:11.920 --> 0:17:16.920
<v Speaker 3>to markets, fair, orderly and efficient markets. And with all respect,

0:17:16.960 --> 0:17:20.160
<v Speaker 3>I hope your listeners undersaid that's my role.

0:17:20.480 --> 0:17:23.679
<v Speaker 4>Other people can speak about elections.

0:17:24.480 --> 0:17:27.760
<v Speaker 2>So the election is coming up, though, And although your

0:17:27.840 --> 0:17:35.800
<v Speaker 2>term although M agree, although your term goes beyond November fifth,

0:17:37.080 --> 0:17:38.919
<v Speaker 2>is there something you want to get done? Do you

0:17:38.920 --> 0:17:41.240
<v Speaker 2>feel like you're up against the clock to get something

0:17:41.320 --> 0:17:44.359
<v Speaker 2>done before the presidential election.

0:17:47.160 --> 0:17:50.600
<v Speaker 4>Look, it's such a privilege to be in this role.

0:17:50.640 --> 0:17:51.320
<v Speaker 4>I really mean it.

0:17:51.359 --> 0:17:54.399
<v Speaker 3>I can't believe I'm serving my third president and been

0:17:54.440 --> 0:17:57.359
<v Speaker 3>through Senate confirmation six times and all this.

0:17:57.480 --> 0:17:59.600
<v Speaker 4>I just can't believe that.

0:18:00.119 --> 0:18:02.600
<v Speaker 3>And every day I think is a privilege to help

0:18:02.720 --> 0:18:07.080
<v Speaker 3>the American public, our clients three hundred and thirty million Americans.

0:18:07.240 --> 0:18:10.480
<v Speaker 3>It's about chasing down insider trading. It's about making sure

0:18:10.480 --> 0:18:14.359
<v Speaker 3>that there's the proper disclosures, it's about implementing we still

0:18:14.400 --> 0:18:18.359
<v Speaker 3>have some significant things we just implemented this big transition

0:18:18.520 --> 0:18:22.240
<v Speaker 3>to having the clearance the settlement cycle to one day.

0:18:22.640 --> 0:18:25.800
<v Speaker 3>But we're also working on the implementation of our treasury

0:18:26.080 --> 0:18:30.120
<v Speaker 3>clearing rules. And our twenty seven trillion dollar treasury market is.

0:18:30.080 --> 0:18:31.120
<v Speaker 4>Way too jitterate.

0:18:31.640 --> 0:18:34.960
<v Speaker 3>It has fragility and jitters in at every couple of years,

0:18:35.400 --> 0:18:38.400
<v Speaker 3>and settling that down and sort of implementing that.

0:18:38.680 --> 0:18:39.560
<v Speaker 4>Set of rules.

0:18:39.920 --> 0:18:44.640
<v Speaker 3>But yes, there are still some rules that we proposed

0:18:44.880 --> 0:18:47.679
<v Speaker 3>and we have not yet adopted that we're working on.

0:18:48.080 --> 0:18:50.720
<v Speaker 3>But we're not doing it against a clock. We are

0:18:50.760 --> 0:18:57.119
<v Speaker 3>basically trying to promote these markets, enhance these markets on

0:18:57.200 --> 0:19:03.320
<v Speaker 3>behalf of the American public. And if I've honored to

0:19:03.359 --> 0:19:05.960
<v Speaker 3>serve through my term, which is through twenty six, great,

0:19:06.640 --> 0:19:12.720
<v Speaker 3>If it's earlier, that's democracy, democracy and action, and I

0:19:12.800 --> 0:19:15.760
<v Speaker 3>deeply believe in it. But we're going to do everything

0:19:15.760 --> 0:19:17.119
<v Speaker 3>we can for the American public.

0:19:17.280 --> 0:19:19.320
<v Speaker 2>I guess what you're insinuating there is that if we

0:19:19.320 --> 0:19:22.080
<v Speaker 2>were to see a Trump two point zero, you likely

0:19:22.119 --> 0:19:25.080
<v Speaker 2>would potentially be out of a job, election or not.

0:19:25.280 --> 0:19:28.280
<v Speaker 2>Timelines are not what is your number one priority at

0:19:28.280 --> 0:19:28.879
<v Speaker 2>this moment.

0:19:30.600 --> 0:19:33.520
<v Speaker 3>It's my number one prior already is the American public.

0:19:33.720 --> 0:19:38.800
<v Speaker 3>That's the client and and so that's who we represent.

0:19:39.640 --> 0:19:42.640
<v Speaker 3>It's of course implementing some of the rules that we've

0:19:42.640 --> 0:19:46.960
<v Speaker 3>already adopted. It's considering the public feedback on the rules

0:19:46.960 --> 0:19:50.000
<v Speaker 3>we propose and not adopted. But not against a clock.

0:19:50.640 --> 0:19:56.879
<v Speaker 3>It's your clock. It's like it's just it's, well, you

0:19:57.000 --> 0:20:00.400
<v Speaker 3>kind of run the field as well as you can

0:20:00.520 --> 0:20:04.119
<v Speaker 3>run the field, and when the ref costs the clock,

0:20:04.160 --> 0:20:07.560
<v Speaker 3>you see where you are. Just with all respect, and

0:20:08.200 --> 0:20:10.840
<v Speaker 3>of course it's also been a cop on the beat.

0:20:12.200 --> 0:20:17.399
<v Speaker 3>You know, half of our agency is examination enforcement. Another

0:20:17.480 --> 0:20:21.280
<v Speaker 3>ten or fifteen percent of our workforce reviews all these

0:20:21.320 --> 0:20:26.840
<v Speaker 3>disclosure filings and gives feedback to the issuing public.

0:20:27.440 --> 0:20:28.800
<v Speaker 4>And it's doing that well.

0:20:29.640 --> 0:20:32.240
<v Speaker 2>SEC Chairman Gary Ginsler, thank you so much for your time.

0:20:32.480 --> 0:20:33.359
<v Speaker 4>Thanks a. I'm the Rage