Fireside Chat with SEC's Chair Gary Gensler | Money20/20 USA

00:40:47
https://www.youtube.com/watch?v=LjKZC1HIy_8

摘要

TLDRL'intervista presenta Gary Gensler, presidente della SEC, discutendo di diverse tematiche legate ai mercati finanziari, alla tecnologia e alla politica, soprattutto nel contesto dell'imminente elezione politica negli Stati Uniti. Gensler sottolinea l'importanza della regolamentazione per mantenere i mercati dei capitali affidabili e competitivi, parlando dei successi ottenuti sotto la sua leadership nel ridurre costi e rischi nei mercati azionari e obbligazionari. Inoltre, evidenzia il ruolo critico della tecnologia, come l'AI, nel mondo finanziario moderno. L'intervista approfondisce anche la sua visione sulla compatibilità tra innovazioni come la tecnologia blockchain e le leggi esistenti sui titoli. Risponde anche a domande riguardo le sue attività nel SEC, le politiche di enforcement e alcuni momenti critici come il caso GameStop, ribadendo il suo impegno nel servire al meglio gli investitori e il pubblico.

心得

  • 📈 Importanza della regolamentazione nei mercati per ridurre costi e rischi.
  • 🤖 Ruolo crescente della tecnologia, incluso l'AI, nei mercati finanziari.
  • 📜 Compatibilità tra innovazione blockchain e le leggi sui titoli.
  • 🎂 Libera interpretazione del carattere Libra di Gary Gensler.
  • 🎥 Gensler, appassionato di film, non ha visto Joker per il suo compleanno.
  • 🏛 Ruolo della SEC come "cop on the beat" per proteggere gli investitori.
  • 📰 Aperto a discussioni e commenti pubblici per migliorare la funzione della SEC.
  • 💼 Gensler si considera un servitore del pubblico, non scoraggiato dalle critiche.
  • 🔍 La SEC utilizza tecniche avanzate, come intelligenza artificiale, per monitorare i mercati.
  • 🇺🇸 Fiducia nei mercati tramite regolamentazioni efficaci per migliorare la competitività.

时间轴

  • 00:00:00 - 00:05:00

    L'evento inizia con l'oratore che introduce una conversazione virtuale con Gary Gensler, presidente della SEC, e Hope King, una giornalista aziendale di Axios. Il discorso si concentra su regolamentazione e politica, con un riferimento iniziale a un periodo di 35 minuti dedicato al fintech. C'è l'attesa di una discussione unica in vista delle elezioni imminenti.

  • 00:05:00 - 00:10:00

    Gary Gensler, presidente della SEC, discute l'importanza di ridurre i costi e i rischi nei mercati dei capitali degli Stati Uniti, considerati tra i più avanzati del mondo. Sottolinea la competitività ineguagliata e il ruolo del SEC nel migliorare l'efficienza e la resilienza dei mercati. La conversazione si chiede se le apparizioni di Gensler possano rappresentare "interviste di uscita".

  • 00:10:00 - 00:15:00

    La discussione tocca la durata del mandato di Gensler e le sue priorità come presidente della SEC. Egli ribadisce l'importanza di essere la "voce" degli investitori per proteggere i loro interessi e sottolinea il contributo utile dei whistleblowers per mantenere l'integrità dei mercati. La domanda di Hope riguardo alla possibile sostituzione non preoccupa Gensler.

  • 00:15:00 - 00:20:00

    Gensler parla dell'importanza di affrontare l'innovazione tecnologica nei mercati finanziari, come AI e modelli di business emergenti, per mantenere la fiducia del pubblico. La regolamentazione deve aggiornarsi rispetto all'innovazione. Discutono dell'AI 'washing' e dell'importanza per le aziende di essere trasparenti su come usano la tecnologia.

  • 00:20:00 - 00:25:00

    Durante una discussione sull'uso dell'AI e di altre tecnologie nei mercati, viene evidenziato come queste abbiano ridotto i costi e ampliato l'accesso, ma sottolineano anche la necessità di evitare conflitti di interesse e frodi. L'AI generativa è citata per il suo potenziale di trasformazione ma anche per i rischi se usata disonestamente.

  • 00:25:00 - 00:30:00

    L'importanza di affrontare problemi come la crisi di GameStop è centrale. Gensler indica come il mercato azionario americano non veniva aggiornato in modo significativo dal 2005 e come le nuove regole adottate siano progettate per migliorare la trasparenza e ridurre i costi. È anche affrontato il tema della riduzione dei cicli di regolamento delle transazioni.

  • 00:30:00 - 00:35:00

    Nella parte finale, Gary Gensler discute le criptovalute, sottolineando la necessità di proteggere gli investitori e i rischi di perdita nel settore. Pur riconoscendo l'innovazione delle blockchain, mette in evidenza la compatibilità con la legislazione esistente e il bisogno di regole chiare. I mercati dei capitali devono adattarsi alla tecnologia, pur mantenendo la fiducia e la trasparenza.

  • 00:35:00 - 00:40:47

    Gensler discute di come i mercati dei capitali reagiscano alle tensioni politiche e geopolitiche e delle sfide per la SEC nel bilanciare le modifiche normative alla luce delle decisioni della Corte Suprema. Termina esprimendo il suo impegno per trasparenza e accesso nei mercati, invitando a continuare il dialogo con commenti e feedback costruttivi.

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思维导图

Mind Map

常见问题

  • Gary Gensler ha visto il film Joker per il suo compleanno?

    Gary Gensler non ha assistito al film Joker per il suo compleanno, nonostante sia un appassionato di film.

  • Gary Gensler si identifica con la personalità di un Libra per il suo ruolo alla SEC?

    Gary Gensler si identifica come un "Libra", ma lascia che siano gli altri a giudicare se il suo equilibrio personale riflette il suo ruolo alla SEC.

  • Gary Gensler ritiene che la tecnologia blockchain sia compatibile con le leggi sui titoli?

    Gary Gensler crede che non ci sia incompatibilità tra la tecnologia blockchain e le leggi sui titoli.

  • Qual è il ruolo di Gary Gensler alla SEC?

    Gensler è responsabile di proteggere gli investitori e ridurre i rischi, regolando i mercati e applicando la legge.

  • Quali sono alcune delle realizzazioni di cui Gary Gensler è più orgoglioso alla SEC?

    Ha parlato di ridurre i costi e i rischi nel mercato azionario e nel mercato dei titoli del Tesoro degli Stati Uniti.

  • Gary Gensler crede che la regolazione del mercato sia necessaria?

    Sì, crede che la regolazione sia essenziale per un mercato dei capitali affidabile e competitivo.

  • La SEC utilizza l'AI generativa?

    Il SEC utilizza l'intelligenza artificiale per monitorare i dati di mercato, ma non necessariamente l'AI generativa.

  • Gary Gensler considera le critiche come indicazione del suo successo?

    Le critiche fanno parte del suo lavoro e non le considera un metro per valutare il successo.

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  • 00:00:00
    [Music]
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    all right folks we finally talked about
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    fintech for an entire 35 minutes was
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    that not gripping okay we did it for 35
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    minutes now back to policy back to
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    politics for eight days from an election
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    it's time for a very unique conversation
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    something that we don't do very often
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    here at money 2020 and by very often I
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    mean really ever is have some someone
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    call in virtually for a conversation but
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    sometimes the world the world just forms
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    around a conversation and sometimes that
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    person may be in a place in life where
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    showing up in person to a conversation
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    like this might actually not be ideal
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    maybe there's some history and digital
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    assets that a portion of the financial
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    industry might not agree with maybe
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    there's some other underlying issues
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    that I'm not going to get to because I'm
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    a third party and I'm just here to
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    introduce the session that being said we
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    do have a very interesting conversation
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    coming up Gary guinsler may have heard
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    of him chairperson I don't know why it
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    says chairperson but chair of the US
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    Securities and Exchange Commission the
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    SEC again might have heard of it and we
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    have hope King senior business reporter
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    from axios here to have candidly what I
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    would call one of the harder jobs today
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    she gets to sit in this seat talk to
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    Gary through a zoom link and have to
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    deal de with your opinions and reactions
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    through the whole thing so with that
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    let's get a little warmth let's get a
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    little excitement going for Hope and
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    let's put our hands together for Hope
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    and she'll get Gary up here in a second
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    after that come on
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    folks hello everyone I am so excited to
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    be here it is actually my first money
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    2020 I don't think that I'll be able to
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    talk this one but we will try um thank
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    you all so much for being here in the
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    room we have a really exciting
  • 00:02:05
    conversation coming up I know regulation
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    might not be the most fun topic but
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    trust me we will be having fun today so
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    without further Ado I am so pleased and
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    honored to introduce the chair of the US
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    Securities and Exchange Commission Gary
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    Gensler thanks good to be with you so
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    good to be with you I was supposed to be
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    sitting first I'm sorry Cara um first
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    first of all chair Gensler I do believe
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    that you had a birthday recently am I
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    correct yeah my identical twin brother
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    Rob had the same birthday yes well happy
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    belated birthday um for those of you who
  • 00:02:43
    don't know um you are a Libra which is
  • 00:02:47
    with an assign for the lbra as the scale
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    which I think is so on point for you let
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    me just for those who don't know what a
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    Libra is balance Harmony and Justice
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    Define Libra energy is that an accurate
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    portrayal and picture of your SEC
  • 00:03:04
    personality hope I think I'm going to
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    leave that to others I'm I'm like I look
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    I feel remarkably blessed to be asked to
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    do this job I'm basically a markets guy
  • 00:03:14
    was a Colman Sachs for 18 years neither
  • 00:03:17
    of my parents went to college but I I
  • 00:03:19
    learned a little bit about markets from
  • 00:03:21
    my dad who had a small business and I
  • 00:03:24
    believe deeply in them so if that's
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    Libra I don't know you you tell me I
  • 00:03:29
    also believe in our great democracy and
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    finding path forwards to solve problems
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    for the the public investing and issuing
  • 00:03:38
    public is what my job is okay I I just
  • 00:03:42
    really want to know though what did you
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    do for your birthday you're a big movie
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    fan did you go see
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    Joker wait say did you see did you see
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    Joker you're a big fan of the
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    movies no I well I like Ron car but no I
  • 00:03:54
    did not watch Joker on my birthday okay
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    I don't think a lot of people did either
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    so as a kind of birthday gift to you
  • 00:04:00
    no I mean have you seen the reviews they
  • 00:04:03
    are terrible and it breaks my heart um
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    but as a birthday gift to you you know
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    you do a lot of these interviews and I
  • 00:04:09
    actually want to know what you want to
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    talk about what do you crave to talk
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    about more than all the other questions
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    that the media comes at you
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    with well in a live craphy and
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    everything I don't care talk about my
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    daughters but they're they're more
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    Central I have three daughters much more
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    Central in my life than anything else
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    but I assume that you've got some really
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    great
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    questions look one I want to thank the
  • 00:04:34
    audience I didn't FL to Las Vegas not
  • 00:04:37
    for the reasons that the introducer said
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    I
  • 00:04:40
    mean by the way I'm glad to talk about
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    whatever topic hope wants to chat about
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    um it's just you invited me at a time
  • 00:04:49
    that was inconvenient to get on a flight
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    out to Las Vegas um but look we've
  • 00:04:55
    achieved a lot at the SEC we laid out
  • 00:04:58
    5055 project and at the core of those
  • 00:05:01
    projects and and we've completed I think
  • 00:05:03
    it's now 44 or 45 of them these projects
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    are about driving lower cost and lower
  • 00:05:10
    risk or as The Economist called
  • 00:05:12
    efficiency and
  • 00:05:14
    resiliency in our Capital markets and
  • 00:05:17
    our markets in the middle are the
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    greatest in the world we're 40 to 50% of
  • 00:05:22
    the world's Capital markets we're only
  • 00:05:24
    22 or 3% of the world's economy so we're
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    the we punch above our weight class
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    we're the destination where other
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    countries want to come into our Capital
  • 00:05:34
    markets but we cannot take that for
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    granted I think that um listen it might
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    be decades away but there are other
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    nations that really want to take that
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    lead on us and they want to and so I
  • 00:05:47
    think of everything we can do to lower
  • 00:05:48
    the cost lower the risk in our stock
  • 00:05:51
    markets and our treasury markets and
  • 00:05:54
    elsewhere across this $ 1220 trillion
  • 00:05:57
    Capital markets well I know a lot of
  • 00:05:59
    people would loved to see you here too I
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    know I would have um your schedule has
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    been pretty packed lately lots of media
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    appearances would you say these are a
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    series of exit
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    interviews no no not at all I mean it
  • 00:06:14
    just it's a fall meeting schedule uh uh
  • 00:06:18
    it does seem that trade
  • 00:06:20
    associations and that's not what money
  • 00:06:22
    2020 is but it does seem that trade
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    associations have their annual
  • 00:06:26
    conferences either in the spring or the
  • 00:06:28
    fall and so yes I did some conferences
  • 00:06:31
    in the last week with the uh Securities
  • 00:06:34
    industry financial Market Association
  • 00:06:36
    and with blumberg global regulatory
  • 00:06:39
    conferences so it just happens to be the
  • 00:06:43
    ab in flow of these things so if this
  • 00:06:45
    isn't a campaign to keep your job
  • 00:06:48
    either no hope listen I I feel so
  • 00:06:52
    privileged to be in a job like this it's
  • 00:06:54
    a great job with a great agency of 5,000
  • 00:06:57
    plus people um uh I will say this for
  • 00:07:01
    your audience uh for a lot of legal
  • 00:07:03
    reasons I'm not involved in the campaign
  • 00:07:05
    I'm not I'm not going to comment on it
  • 00:07:07
    but democracies that's a great thing
  • 00:07:09
    about America democracies have
  • 00:07:11
    consequences but uh we're going to
  • 00:07:13
    continue to do that which we do well at
  • 00:07:15
    the
  • 00:07:16
    SEC um until um as they say the ref caus
  • 00:07:20
    the whistle well we're going to get into
  • 00:07:22
    all the policies a little bit later but
  • 00:07:24
    I have to ask these burning questions
  • 00:07:26
    that I know are on the minds of a lot of
  • 00:07:28
    people in the room and in the public
  • 00:07:29
    public now um so just on this timing
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    question continue on this theme so the
  • 00:07:36
    SEC chair traditionally resigns on or
  • 00:07:39
    before inauguration if their party loses
  • 00:07:42
    do you see yourself as a traditional SEC
  • 00:07:46
    chair well I'm honored to be the 33rd
  • 00:07:48
    chair and there's I don't know if
  • 00:07:50
    there's a traditional uh there's four or
  • 00:07:52
    five of us that were not lawyers so I'm
  • 00:07:55
    not a lawyer Joe Kennedy wasn't so that
  • 00:07:57
    puts us in the minority uh but again I'm
  • 00:08:00
    not going to comment on an election hope
  • 00:08:03
    as much as you care to pull me in my
  • 00:08:05
    legal term does uh as a commissioner
  • 00:08:08
    runs till the middle of
  • 00:08:10
    26 um but you're right that
  • 00:08:12
    traditionally presidents get to decide
  • 00:08:14
    who the chairs the SEC and that's a good
  • 00:08:17
    part of democracy AB absolutely curious
  • 00:08:20
    though what what was going through your
  • 00:08:22
    mind when you saw the headline earlier
  • 00:08:24
    this year that the former president said
  • 00:08:26
    he would vow to fire you
  • 00:08:31
    my daughters found it interesting I I
  • 00:08:33
    could say that and they sent me a few
  • 00:08:35
    text messages but other than that I mean
  • 00:08:39
    I thought that's what presidents do to
  • 00:08:42
    their entire cabinet as well so I I just
  • 00:08:45
    thought that's part of democracy and are
  • 00:08:47
    you afraid that from reports from
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    Bloomberg uh that Democratic donors
  • 00:08:52
    major ones are also pushing Kam Harris's
  • 00:08:55
    team to replace you are you afraid of
  • 00:08:56
    that outcome hope I I I sleep fine at
  • 00:09:00
    night I what listen this is a job where
  • 00:09:04
    every day is about helping investors uh
  • 00:09:08
    as one of my predecessors said William O
  • 00:09:10
    Douglas We're The investors's Advocate
  • 00:09:13
    everybody else seems to have Advocates
  • 00:09:15
    but we're the investor Advocate and then
  • 00:09:18
    we also look to help issuers tap into
  • 00:09:21
    the capital markets and making sure the
  • 00:09:23
    middle the middle the markets themselves
  • 00:09:25
    work for the investors and issuers and
  • 00:09:27
    not the other way around and I think
  • 00:09:29
    that's what we've done we just we just
  • 00:09:31
    completed unanimously I would say very
  • 00:09:33
    important rules about our stock markets
  • 00:09:36
    a 50 or 60 trillion Doll
  • 00:09:39
    Market uh that uh we're going to drive
  • 00:09:42
    lower costs by allowing people to quote
  • 00:09:44
    in smaller increments down to half a
  • 00:09:46
    penny but also lowering the fees in that
  • 00:09:50
    market we we also successfully move from
  • 00:09:53
    and everybody in fintech would kind of
  • 00:09:55
    say why' it take this long but we moved
  • 00:09:57
    successfully from two-day settlement to
  • 00:10:00
    one day settlement leading the world
  • 00:10:02
    with Mexico and Canada joining earlier
  • 00:10:05
    this year we're we're revising and
  • 00:10:09
    reforming an awful lot of our our bond
  • 00:10:12
    markets particularly our treasury
  • 00:10:14
    markets so on and on I'm very proud of
  • 00:10:16
    what we're doing we're going to continue
  • 00:10:17
    to do that so if your term were to end
  • 00:10:19
    before you'd like it to what would you
  • 00:10:21
    say your proudest moment would be an
  • 00:10:22
    achievement as SCC chair and you didn't
  • 00:10:25
    mean this
  • 00:10:26
    interview now it could be I would love
  • 00:10:28
    that that would be homework there you go
  • 00:10:31
    look I think it's just every day coming
  • 00:10:33
    into work working for the American
  • 00:10:35
    public and trying to drive as I say
  • 00:10:37
    lower cost and lower risk in that system
  • 00:10:40
    and it's it's within the law and how the
  • 00:10:44
    courts interpret the law um but we've
  • 00:10:48
    done a lot on corporate governance
  • 00:10:49
    there's some public companies there in
  • 00:10:51
    that audiences too and just in terms of
  • 00:10:54
    instilling Greater trust in our Capital
  • 00:10:56
    markets through how and we have certain
  • 00:10:58
    legal authorities around corporate
  • 00:10:59
    governance about how CEOs sell their
  • 00:11:02
    stock and whether they can use material
  • 00:11:04
    non-public information what we did in
  • 00:11:06
    the equity markets what we've done in
  • 00:11:08
    the treasury markets or even resolving a
  • 00:11:10
    20year old dispute with the Chinese
  • 00:11:12
    authorities about they have about 200
  • 00:11:14
    companies in our in our markets and and
  • 00:11:17
    resolving those disputes as well so
  • 00:11:19
    there's a lot that I'm quite uh pleased
  • 00:11:21
    with something that I think stands out
  • 00:11:23
    to me is that in 2023 the SEC awarded
  • 00:11:26
    nearly $600 million to whistleblowers
  • 00:11:29
    which is a record high sum why is that
  • 00:11:31
    so important that you want to help
  • 00:11:32
    whistleblowers or at least know that uh
  • 00:11:35
    give them that
  • 00:11:36
    support So to instill trust in our
  • 00:11:40
    Capital markets Congress gave this
  • 00:11:42
    agency civil law enforcement Authority
  • 00:11:45
    uh and then along with the Department of
  • 00:11:47
    Justice uh we help them on the criminal
  • 00:11:49
    side but instilling that Trust basically
  • 00:11:55
    markets are not going to work unless you
  • 00:11:57
    have a active cop on the beach so let me
  • 00:11:59
    give you some figures that are public we
  • 00:12:02
    get between 40 and
  • 00:12:04
    50,000 tips complaints and referrals a
  • 00:12:06
    year think about that 4,000 a month and
  • 00:12:09
    we only have 1300 people on our
  • 00:12:11
    enforcement division so whistleblowers
  • 00:12:14
    are a really important part of the
  • 00:12:16
    system as well and I want to give a big
  • 00:12:18
    shout out to Senator Chuck Bradley from
  • 00:12:21
    Iowa who's really been the kind of the
  • 00:12:23
    leader on this for many decades and
  • 00:12:25
    putting that law in place so we can
  • 00:12:28
    award people
  • 00:12:31
    reward uh Awards whistleblower Awards if
  • 00:12:34
    they um it's technical but basically if
  • 00:12:36
    they help lead to um U money coming back
  • 00:12:41
    in and discouragements and like that and
  • 00:12:43
    so that's a really important thing uh
  • 00:12:46
    and it helps ultimately instill better
  • 00:12:49
    trust in our Capital markets that now we
  • 00:12:53
    have we we get about 18,000
  • 00:12:55
    whistleblower tips a year and and so
  • 00:13:00
    that's folks all across this great land
  • 00:13:04
    coming in and suggesting something now
  • 00:13:08
    we only bring about four or 500 law
  • 00:13:10
    enforcement actions a year new actions
  • 00:13:12
    so there are a lot of things that when
  • 00:13:14
    we look at them we close them out we we
  • 00:13:17
    look at them the facts in the law don't
  • 00:13:19
    suggest something was infraction but
  • 00:13:22
    where there is an infraction those
  • 00:13:23
    whistleblowers help us and they
  • 00:13:26
    ultimately help you all and the audience
  • 00:13:28
    because they help and still greater
  • 00:13:30
    trust in the system but what does that
  • 00:13:32
    say to you about why the kind of policym
  • 00:13:36
    that you've been pursuing is
  • 00:13:39
    necessary well I think the policym is
  • 00:13:41
    necessary because technology is changing
  • 00:13:44
    so rapidly in business models that's
  • 00:13:46
    what this conference is about money 2020
  • 00:13:48
    it's about I know you're talking a lot
  • 00:13:50
    about open banking a lot about
  • 00:13:52
    artificial intelligence these are
  • 00:13:55
    changing the
  • 00:13:57
    way that people in invest and money
  • 00:14:00
    moves around the globe how information
  • 00:14:02
    moves around the globe and ultimately
  • 00:14:04
    the human existence itself as we
  • 00:14:06
    automate that which is in our brain
  • 00:14:08
    through artificial intelligence and so
  • 00:14:11
    as markets technology and information
  • 00:14:15
    change it's critical that our rules also
  • 00:14:18
    change for the highways of finance and a
  • 00:14:21
    lot of times Regulators are criticized
  • 00:14:23
    for moving too slowly on their rules not
  • 00:14:28
    keeping up with the Cas of innovation it
  • 00:14:29
    seems like you want to take the opposite
  • 00:14:32
    approach and you want you're projecting
  • 00:14:35
    potentially some of these challenges is
  • 00:14:37
    is that why you're going after um let's
  • 00:14:39
    say AI washing is a big one for you
  • 00:14:41
    lately so two points uh I do feel with
  • 00:14:45
    the privilege of service comes a
  • 00:14:47
    responsibility of the public to lay on
  • 00:14:50
    an agenda and move on that agenda and
  • 00:14:52
    we're appropriate to back off we don't
  • 00:14:55
    we don't bring enforcement actions
  • 00:14:57
    against every folk we investigate and we
  • 00:15:00
    don't finalize every rule that we
  • 00:15:02
    propose but I do think that it with that
  • 00:15:05
    privilege comes a responsibility to move
  • 00:15:07
    within one's time in in terms of
  • 00:15:11
    artificial intelligence look I think
  • 00:15:13
    it's likely to be the most
  • 00:15:15
    transformative technology of our time
  • 00:15:17
    and I'm not just talking about
  • 00:15:18
    generative AI artificial intelligence
  • 00:15:21
    has been used for 10 or a Dozen Years
  • 00:15:24
    even the US Postal Service uses it come
  • 00:15:27
    on I mean it's right you know and and
  • 00:15:30
    and so many of the members of that a
  • 00:15:33
    your audience there is are using it and
  • 00:15:35
    been using it for years before
  • 00:15:37
    generative
  • 00:15:38
    AI but with that with that incredible
  • 00:15:42
    transformation we can drive to Greater
  • 00:15:45
    efficiency we can gr greater access in
  • 00:15:47
    our Capital markets but there's also
  • 00:15:50
    some things to think about and you
  • 00:15:52
    mentioned
  • 00:15:54
    one you know I don't know that old
  • 00:15:56
    saying do what you say and say what you
  • 00:15:59
    do in essence don't lie to the public
  • 00:16:03
    so there are some folks that are out
  • 00:16:06
    there bragging about using AI or using
  • 00:16:08
    AI in a certain way and they're not even
  • 00:16:10
    doing it but I would say the same thing
  • 00:16:12
    don't don't brag about anything that
  • 00:16:14
    you're doing and don't do it you know
  • 00:16:17
    say what you do do what you say that's
  • 00:16:18
    the kind of saw that a Securities
  • 00:16:21
    regulator would say if you're public
  • 00:16:23
    company if you're private company then
  • 00:16:24
    you've got to you know do that with your
  • 00:16:26
    customers and with your board of
  • 00:16:28
    directors but that's a little different
  • 00:16:30
    well where else have you seen and I I
  • 00:16:31
    mean I think the USPS might have a word
  • 00:16:34
    for that shade that you threw at them
  • 00:16:35
    well where have you seen Technology
  • 00:16:37
    Innovation help with transparency and
  • 00:16:38
    where have you seen it actually be
  • 00:16:41
    harmful look I think Technology
  • 00:16:43
    Innovation has helped throughout the
  • 00:16:45
    decades I mean the ticker tape itself
  • 00:16:49
    and the quotron Machine and then after
  • 00:16:51
    that Michael Bloomberg figured out how
  • 00:16:53
    to build this incredible Empire the
  • 00:16:55
    internet itself and we've driven down in
  • 00:16:59
    Capital markets in the US capital
  • 00:17:00
    markets we've driven down the cost of
  • 00:17:02
    trading in our stock
  • 00:17:05
    markets through uh brokerage
  • 00:17:08
    applications Robo advisors and so forth
  • 00:17:12
    but if 50 plus million Americans and
  • 00:17:15
    that's the real number 52 or three
  • 00:17:17
    million Americans
  • 00:17:19
    have investment advising advice right on
  • 00:17:23
    their cell phones so let's call most of
  • 00:17:26
    those a robo
  • 00:17:27
    advisors that can drive down costs and
  • 00:17:30
    broaden access lower the fees but it's
  • 00:17:33
    also important to make sure that we
  • 00:17:35
    don't put in conflicts in the algorithms
  • 00:17:38
    that the optimization functions are
  • 00:17:41
    still putting the customer's interest
  • 00:17:43
    ahead of the investment advisor rather
  • 00:17:46
    than the other way around so you know
  • 00:17:49
    the old rules still apply I'll say one
  • 00:17:51
    other
  • 00:17:52
    thing frankly fraud is fraud don't don't
  • 00:17:56
    use the artificial intelligence to lie
  • 00:17:59
    to the public or do a deep fake or
  • 00:18:01
    create some scenario that's not real and
  • 00:18:04
    if you're the one deploying the
  • 00:18:06
    algorithm don't use it to manipulate
  • 00:18:09
    markets and by the way the algorithm
  • 00:18:13
    itself is still yours your deploying
  • 00:18:15
    that algorithm yeah a fact set search of
  • 00:18:19
    the word uh the term AI has come up with
  • 00:18:23
    a record number just in the first
  • 00:18:24
    quarter in terms of earnings reports I'm
  • 00:18:26
    I'm wondering if you if you feel that's
  • 00:18:28
    too much but just just broad no no by
  • 00:18:30
    the way I don't hope I just I don't
  • 00:18:34
    think it's too much or too little what
  • 00:18:36
    public companies have done for decades
  • 00:18:39
    they do really well in the main there's
  • 00:18:41
    always going to be outliers that do poor
  • 00:18:43
    things they describe to their
  • 00:18:46
    shareholders what they're doing what
  • 00:18:48
    their material risks are what the
  • 00:18:50
    opportunities are that they're facing um
  • 00:18:53
    and artificial intelligence is one of
  • 00:18:54
    those things and it's an
  • 00:18:57
    opportunity as much as it's probably an
  • 00:18:59
    opportunity more than it is a challenge
  • 00:19:02
    but it's also going to change so many
  • 00:19:04
    things many of the companies in the
  • 00:19:06
    audience there will be the disruptors
  • 00:19:08
    and they will disrupt the largest
  • 00:19:10
    financial institutions I can't tell
  • 00:19:12
    which one of your audience members is
  • 00:19:14
    going to be like that big company five
  • 00:19:18
    to 15 years from now but somebody in
  • 00:19:20
    that audience is going to really disrupt
  • 00:19:23
    uh big Banks and Wall Street and that's
  • 00:19:26
    a good thing for America I'm just saying
  • 00:19:28
    saying don't lie about it so so facts
  • 00:19:30
    that shows that there were about 200
  • 00:19:32
    mentions of AI which is more than double
  • 00:19:35
    the 5year average in your mind what
  • 00:19:37
    percentage of that do you think is AI
  • 00:19:39
    washing I I don't have a I don't have a
  • 00:19:42
    number and hopefully very little of it
  • 00:19:44
    but look this happens over time in the
  • 00:19:47
    internet bubble in the late 1990s there
  • 00:19:49
    was a lot of we're doing this with the
  • 00:19:51
    internet so forth and so on so um in in
  • 00:19:56
    times when it catches the invest
  • 00:19:59
    fancy of course most SE sues you know
  • 00:20:03
    the chair and the CEO suite and
  • 00:20:05
    everything are thinking about how do I
  • 00:20:07
    Market to investors so you just want to
  • 00:20:10
    just want to be careful not to get out
  • 00:20:12
    over your you know sort of exaggeration
  • 00:20:14
    skis on that you don't want to greenw
  • 00:20:16
    wash either I mean just that that's the
  • 00:20:19
    core thing investors are Savvy
  • 00:20:21
    ultimately they'll figure it out but you
  • 00:20:25
    there's a real benefit to the capital
  • 00:20:28
    markets that we have anti fraud
  • 00:20:30
    provisions and that's I don't I don't
  • 00:20:32
    have any estimate for you and hopefully
  • 00:20:35
    it's small but even that small group
  • 00:20:37
    needs to show a say behave is the SEC
  • 00:20:41
    using generative AI right now are you
  • 00:20:42
    using it in your own
  • 00:20:44
    life um we we use artificial
  • 00:20:47
    intelligence um we do it in sometimes in
  • 00:20:50
    the
  • 00:20:51
    surveillance with 5,000 Folks at the
  • 00:20:55
    SEC they use it to sort of look at
  • 00:20:58
    Market data uh particularly in our
  • 00:21:01
    Market oversight our examination and
  • 00:21:04
    enforcement our our Economist I use it
  • 00:21:08
    um but it's not necessarily generative
  • 00:21:11
    AI I just want to say that okay so you
  • 00:21:15
    have led this uh you know organization
  • 00:21:18
    through um a big crisis the the GameStop
  • 00:21:21
    Saga I'm wondering what lessons you
  • 00:21:23
    learned from
  • 00:21:25
    that you know it was interesting it was
  • 00:21:27
    right before I came into office Jen saki
  • 00:21:29
    who was was then uh the White House
  • 00:21:32
    Press Secretary in her first week of the
  • 00:21:34
    job was like oh my God what's all these
  • 00:21:36
    questions were coming in I take a couple
  • 00:21:38
    of lessons
  • 00:21:41
    um one uh the plumbing matters some of
  • 00:21:46
    the stuff that again many of the members
  • 00:21:48
    in that audience focus on how to move
  • 00:21:50
    payments how to connect uh uh apis this
  • 00:21:54
    whole open uh banking movement and so
  • 00:21:56
    forth which is not new by the way other
  • 00:21:59
    countries other countries have leaned
  • 00:22:01
    way into it even when I was back at MIT
  • 00:22:03
    I was I took one lecture a year in my
  • 00:22:06
    Finch course and taught about open
  • 00:22:08
    banking but back to GameStop I think the
  • 00:22:11
    market Plumbing work matters and
  • 00:22:14
    unfortunately for a lot of investors
  • 00:22:16
    they got shut out of the market and I
  • 00:22:19
    think that was unfortunate it's not good
  • 00:22:20
    to shut people out of the market so we
  • 00:22:22
    updated and I as I said we shortened the
  • 00:22:25
    market Plumbing to one day settlement
  • 00:22:27
    rather than two I think another another
  • 00:22:28
    thing was the use of of what was called
  • 00:22:32
    gamification but behavioral prompts and
  • 00:22:35
    nudges we all get them we get them on
  • 00:22:38
    the streaming apps I get them for
  • 00:22:40
    romantic comedies I hope you might get
  • 00:22:42
    them for other types of movies or you
  • 00:22:45
    might get behavioral prompts about some
  • 00:22:47
    journalist axio is you know great story
  • 00:22:51
    um but in finance if you're giving
  • 00:22:55
    behavioral prompts to somebody still
  • 00:22:57
    you've got to put the C customer the
  • 00:22:58
    investor ahead of The Brokerage app
  • 00:23:01
    you've got to put the investor ahead of
  • 00:23:04
    the in Robo advisor and I'd say the
  • 00:23:07
    third thing was really about the market
  • 00:23:09
    structure itself we had not updated our
  • 00:23:11
    us Equity Market structure since 2005 in
  • 00:23:14
    any significant way some of my
  • 00:23:17
    predecessors had taken a run at it
  • 00:23:20
    but we proposed we adopted unanimously I
  • 00:23:24
    would say proudly uh you know real
  • 00:23:27
    changing rules around the markets to
  • 00:23:29
    lower the costs the fees coming down by
  • 00:23:33
    2/3 from 3/10 of a penny to a maximum
  • 00:23:36
    fee of one tenth of a penny and also
  • 00:23:39
    allowing more efficient pricing where
  • 00:23:42
    the quotations can be down to half a
  • 00:23:44
    penny instead of a penny um so those are
  • 00:23:47
    some of the lessons out of of those
  • 00:23:49
    events from early 21 and do you believe
  • 00:23:51
    that Robin Hood is now safer or better
  • 00:23:53
    than it was three or four years
  • 00:23:56
    ago I mean speak about one uh um broker
  • 00:24:01
    versus another broker that's for
  • 00:24:03
    everybody to figure out which Brokers
  • 00:24:05
    they want to use but I think that the
  • 00:24:09
    rules that we put in place about Central
  • 00:24:11
    clearing the rules that we also put in
  • 00:24:13
    place that investors can get more
  • 00:24:17
    information about their execution
  • 00:24:19
    quality that will that will enhance uh
  • 00:24:22
    their experience and the rules we just
  • 00:24:25
    adopted which go into effect next
  • 00:24:27
    November I think will lead to uh uh less
  • 00:24:32
    costly markets more competitive markets
  • 00:24:35
    and I think shortening the settlement
  • 00:24:37
    cycle makes the whole system safer
  • 00:24:40
    similar to what we did on money market
  • 00:24:42
    fund reform that we we had we learned
  • 00:24:45
    some things when the covid crisis hit in
  • 00:24:48
    2020 and and we address that and also
  • 00:24:52
    what we're doing in the 28 trillion US
  • 00:24:55
    Treasury markets just really quickly
  • 00:24:56
    early thoughts on the New York Stock as
  • 00:24:58
    a proposal to move to 22-hour
  • 00:25:01
    trading look it's interesting we're the
  • 00:25:03
    we're the um I can't speak directly to
  • 00:25:07
    that because that might be a filing in
  • 00:25:09
    front of us I might have to vote so just
  • 00:25:10
    for all of your members I'm not trying
  • 00:25:12
    to avoid the question hope so let me
  • 00:25:14
    just more a little bit more General than
  • 00:25:16
    one filing
  • 00:25:18
    um we are the market of destination and
  • 00:25:21
    you sometimes think about that from 9:30
  • 00:25:24
    to 4:00 so you you can you can do the
  • 00:25:27
    math 6 and half hours but we have we
  • 00:25:30
    have the night market also from 4 to 8
  • 00:25:33
    we have the the early market right now
  • 00:25:36
    already from 400 am to 9:30 in the
  • 00:25:39
    morning
  • 00:25:41
    overnight you in Asia you can trade us
  • 00:25:45
    Securities over the counter and on
  • 00:25:47
    what's called alternative trading
  • 00:25:49
    systems so to the
  • 00:25:52
    extent that we have a 24-hour market in
  • 00:25:56
    many assets us treasuries trade 24 hours
  • 00:26:00
    a day five days a week a little bit on
  • 00:26:03
    the
  • 00:26:04
    weekends us equities for the top 100
  • 00:26:07
    names generally will trade around the
  • 00:26:11
    globe best liquidity deepest market
  • 00:26:15
    during 9:30 to 400 pm. but people can
  • 00:26:18
    trade it around the globe and so whether
  • 00:26:21
    it's New York Stock Exchange NASDAQ
  • 00:26:24
    Chicago Board sibo we also have a filing
  • 00:26:27
    in front of us for a new exchange called
  • 00:26:30
    24x I'm not going to speak on any of
  • 00:26:33
    those but I'm saying it seems that the
  • 00:26:35
    market has asked maybe we can expand
  • 00:26:39
    these hours out and what's critical is
  • 00:26:42
    are you protected yeah will you be
  • 00:26:44
    protected and is it transparent will you
  • 00:26:47
    get what's called a tape yeah when I was
  • 00:26:50
    growing up we still called it a tape but
  • 00:26:52
    but basically a
  • 00:26:54
    Consolidated um information about about
  • 00:26:58
    the transactions in a realtime basis uh
  • 00:27:02
    overnight at 1:00 a.m. and 3:00 a.m.
  • 00:27:04
    will you get uh it's called a sip but
  • 00:27:07
    that's a tape uh will you be protected
  • 00:27:10
    with pockets of illiquidity uh in
  • 00:27:13
    something that's called a limit up or
  • 00:27:15
    limit down but I I digress into the
  • 00:27:17
    technical side of the
  • 00:27:19
    job really quickly on crypto what do
  • 00:27:22
    most people get wrong about where you
  • 00:27:23
    stand on crypto
  • 00:27:29
    I I it's a great question look I'm going
  • 00:27:32
    to say this uh later this week is sweet
  • 00:27:37
    16 to Satoshi nakamoto's white paper
  • 00:27:40
    eight pages which WIS and Still Remains
  • 00:27:43
    an Innovative paper about data data
  • 00:27:47
    processing and ledgers that that that
  • 00:27:50
    what we all have come to call blockchain
  • 00:27:53
    technology um but that's not the
  • 00:27:56
    question the question is if you are
  • 00:27:59
    asking the public for money and that
  • 00:28:03
    public is investing in
  • 00:28:05
    something there in lies protections that
  • 00:28:08
    Congress put in place in the Securities
  • 00:28:11
    laws and those protections are important
  • 00:28:14
    protections and it really comes down to
  • 00:28:16
    this it comes down to investors get to
  • 00:28:19
    decide as long as the folks raising the
  • 00:28:22
    money the entrepreneurs are giving them
  • 00:28:25
    disclosures on their material risk yeah
  • 00:28:28
    I'd say the second thing hope is I I
  • 00:28:30
    sometimes hear about digital assets and
  • 00:28:33
    so forth everybody in that audience
  • 00:28:36
    everybody in the money 2020 audience
  • 00:28:39
    deals in digital assets right now I mean
  • 00:28:43
    how many of you have actually get your
  • 00:28:46
    pay delivered in coins and paper
  • 00:28:49
    currency you don't how many of you
  • 00:28:51
    bought your airline tickets and coins
  • 00:28:54
    and paper currency you don't we live in
  • 00:28:57
    a fully digital money world right now
  • 00:29:01
    and whether it's digital dollars digital
  • 00:29:04
    Yen Juan Euro Sterling we live in a
  • 00:29:08
    digital world now it's against the law
  • 00:29:10
    actually to have paper treasury
  • 00:29:12
    Securities the US Treasury Department
  • 00:29:14
    issues digital so you've got to have a
  • 00:29:17
    value proposition that's something
  • 00:29:20
    Beyond digital is what I'd also say um I
  • 00:29:25
    I want to know if you have any regrets
  • 00:29:27
    about the way that you may have handled
  • 00:29:29
    crypto
  • 00:29:32
    regulation look I I think there's
  • 00:29:36
    nothing incompatible about Satoshi
  • 00:29:39
    nakamoto's Innovation and it's a real
  • 00:29:41
    Innovation about how to have a
  • 00:29:43
    decentralized ledger system there's
  • 00:29:45
    nothing incompatible about that with the
  • 00:29:47
    US Securities Law that fundamentally the
  • 00:29:49
    US Securities Law is about protecting
  • 00:29:53
    investors that are investing in somebody
  • 00:29:55
    else's project hoping for a better
  • 00:29:57
    future
  • 00:29:58
    [Music]
  • 00:30:00
    and though and I've said this I'm not
  • 00:30:03
    prejudging anyone token but there's 15
  • 00:30:05
    to 20,000 of these
  • 00:30:07
    projects and though some of them are not
  • 00:30:10
    under the Securities
  • 00:30:12
    Law many of them have a group of
  • 00:30:15
    entrepreneurs in the middle and the
  • 00:30:17
    investing public is hoping for a better
  • 00:30:19
    future and it's a field where
  • 00:30:21
    there's billions of dollars of losses
  • 00:30:24
    have happened and you know we don't need
  • 00:30:26
    to go through the the of these uh the
  • 00:30:29
    most famous of two years ago are you
  • 00:30:31
    know in jail right now and not just one
  • 00:30:33
    of them but multiple of them so um many
  • 00:30:37
    more are not right I mean many more are
  • 00:30:40
    not so do you have any regrets what I'm
  • 00:30:43
    saying you you you said I would I
  • 00:30:46
    would the only way whether whether it's
  • 00:30:49
    in any part of our broad Capital markets
  • 00:30:52
    and our broad worldwide Capital markets
  • 00:30:55
    are about 250 to 300 trillion us is 120
  • 00:31:00
    plus trillion of
  • 00:31:01
    that any part of that
  • 00:31:04
    worldwide Capital
  • 00:31:06
    markets they benefit from rules of the
  • 00:31:10
    road I'm unabashedly a market person I'm
  • 00:31:13
    unabashedly uh associate with this great
  • 00:31:16
    thing in America called capitalism it's
  • 00:31:19
    a really important thing but I think we
  • 00:31:21
    do better the public does better with
  • 00:31:24
    some regulation in markets you wouldn't
  • 00:31:28
    want to have a football game by the way
  • 00:31:30
    without some refs on the field it would
  • 00:31:33
    very quickly look like rugby and after a
  • 00:31:34
    while it wouldn't even look like rugby
  • 00:31:36
    it would all break down hope and and
  • 00:31:40
    Congress understood that in setting up
  • 00:31:42
    the the SEC and setting up the commodity
  • 00:31:45
    Futures Trading
  • 00:31:46
    commission um the these Help capital
  • 00:31:49
    markets work and they lower the cost of
  • 00:31:53
    capital right and how did they do that
  • 00:31:54
    because they instilled trust and they
  • 00:31:56
    bring the invest public end we've got
  • 00:32:00
    more than 50 million Americans with
  • 00:32:02
    separately managed accounts by
  • 00:32:04
    investment advisors we've got 58% of the
  • 00:32:07
    American public invested directly or
  • 00:32:09
    indirectly in the US Stock
  • 00:32:11
    Market how do you build that trust
  • 00:32:13
    without some you know rules of the road
  • 00:32:17
    around disclosure around conflicts
  • 00:32:19
    around manipulation and the like so no
  • 00:32:22
    you don't have any
  • 00:32:24
    regrets I again it's your it's how
  • 00:32:27
    you're articulating the question I've
  • 00:32:29
    already told you that I think there's
  • 00:32:31
    nothing
  • 00:32:33
    incompatible this technology the
  • 00:32:36
    blockchain technology and how you store
  • 00:32:38
    this with the Securities
  • 00:32:41
    laws far too many people have lost money
  • 00:32:44
    and I'm not just talking about normal
  • 00:32:46
    markets ups and down right I'm talking
  • 00:32:49
    about the the the extent of of uh
  • 00:32:53
    problems in grift in the field all right
  • 00:32:55
    we we'll move on um how do you think
  • 00:32:57
    think Capital markets will be impacted
  • 00:32:59
    by seemingly deeper political divides
  • 00:33:01
    and geopolitical
  • 00:33:05
    tensions I think Capital markets trade
  • 00:33:07
    around all sorts of uh information and
  • 00:33:11
    all sorts of risk ultimately there
  • 00:33:14
    were we benefit from the pricing of risk
  • 00:33:18
    and the pricing and I would say
  • 00:33:20
    allocation of money and risk and
  • 00:33:24
    um I I think again I'm not going to
  • 00:33:27
    comment on elections that's I'm paid not
  • 00:33:30
    to do that hope yes but I think the
  • 00:33:33
    capital markets uh our US capital
  • 00:33:36
    markets are quite robust and they
  • 00:33:39
    they they will persist my job in what I
  • 00:33:43
    do is trying to make them the most
  • 00:33:45
    efficient most resilient for hopefully
  • 00:33:48
    for decades to come does the political
  • 00:33:50
    environment though make it harder for
  • 00:33:52
    you to do your job I mean this summer
  • 00:33:54
    the Supreme Court ruled that defendants
  • 00:33:56
    accused of fraud by the SEC have a right
  • 00:33:58
    to a jury trial so how has that impacted
  • 00:34:00
    your
  • 00:34:03
    enforcement let me say this I'm quite
  • 00:34:05
    proud we we're five member commission
  • 00:34:07
    and I think we're better as a nation
  • 00:34:08
    that it's five of us not one of us I
  • 00:34:10
    think that's really helpful we vote on
  • 00:34:12
    about 11 or 1200 things a year
  • 00:34:15
    literally um you're more familiar with
  • 00:34:18
    some of the you know the these policy
  • 00:34:21
    matters which are rules but even on the
  • 00:34:23
    44 rules that we voted
  • 00:34:26
    on over half half of them are bipartisan
  • 00:34:29
    uh we just finished one last Friday on
  • 00:34:32
    Clearing Houses unanimous but the large
  • 00:34:35
    Equity Market role was also unanimous
  • 00:34:38
    things like our uh how how funds
  • 00:34:42
    registered investment funds name
  • 00:34:44
    themselves and so forth was bipartison
  • 00:34:46
    was
  • 00:34:47
    41 on and on I could talk
  • 00:34:50
    about the the work we do with our
  • 00:34:53
    colleagues we're not always that way
  • 00:34:55
    there are times where we're split uh
  • 00:34:58
    32 um but I I'm very proud and I think
  • 00:35:02
    the public benefits from that EB and
  • 00:35:04
    flow and that back and forth amongst the
  • 00:35:06
    five of us um now in terms of in terms
  • 00:35:11
    of enforcement and rulemaking we do it
  • 00:35:14
    within what the right the Congress
  • 00:35:16
    writes and how the courts interpret it
  • 00:35:18
    and hope if the courts interpret
  • 00:35:20
    something differently as they did you
  • 00:35:22
    you were talking about a case called
  • 00:35:24
    jassy yes that the Supreme Court ruled
  • 00:35:26
    on we adjust but we had already been I
  • 00:35:31
    would say pre- adjusting in that case I
  • 00:35:34
    think we were down to less than a
  • 00:35:36
    handful of litigated matters in front of
  • 00:35:39
    our administrative law judges even
  • 00:35:41
    before The Supreme Court down from 50 to
  • 00:35:44
    100 when right before I got there
  • 00:35:48
    so we we had been adjusting already
  • 00:35:53
    but if if the court
  • 00:35:56
    rules in a way that we didn't think they
  • 00:36:00
    would or we didn't agree with we still
  • 00:36:01
    adjust I I don't know hope what would
  • 00:36:03
    you do that's what we that's a part of
  • 00:36:05
    our great democracy and that's that's so
  • 00:36:08
    one because it's the right thing and two
  • 00:36:11
    it also instills confidence in the SEC
  • 00:36:14
    that you say ah they get it the court
  • 00:36:16
    the court called called it a different
  • 00:36:18
    way CH gor we're out of time so my last
  • 00:36:21
    question to you when I was invited to to
  • 00:36:24
    talk with you in this Fireside I I was
  • 00:36:27
    very excited I was telling my colleagues
  • 00:36:29
    and and one of them said to me wow money
  • 00:36:32
    2020 I mean this this crowd hates
  • 00:36:34
    Gensler uh I I don't know if you knew
  • 00:36:36
    that or now that you that you do know I
  • 00:36:39
    mean is that a sign for you that you're
  • 00:36:40
    actually doing your job is that the
  • 00:36:43
    middlemen maybe that you're targeting
  • 00:36:45
    and and trying to make more transparent
  • 00:36:47
    uh that that's your your goal poost of
  • 00:36:49
    how you measure
  • 00:36:51
    success no hope I don't measure success
  • 00:36:54
    through the animist that what we do so
  • 00:36:57
    but I look I
  • 00:37:00
    money wide wide range of folks whether
  • 00:37:03
    they're Financial technology firms
  • 00:37:05
    whether they're uh in in finance itself
  • 00:37:09
    my God I'm a i 18 years at Gman
  • 00:37:12
    Sachs I spent four or five years up at
  • 00:37:16
    MIT because I I was asked by now a Nobel
  • 00:37:19
    laurate Simon Johnson recruited me to go
  • 00:37:22
    up there but my God he's this Nobel
  • 00:37:24
    laurate now but Simon invited me to go
  • 00:37:27
    go up there to and what better place to
  • 00:37:29
    do it but to the intersection of
  • 00:37:33
    money Finance money and
  • 00:37:36
    technology and I I think that that we
  • 00:37:40
    constantly are changing and I want to I
  • 00:37:43
    want to see if how we can better do this
  • 00:37:46
    for investors and issuers but yes
  • 00:37:49
    there's some that are going to be the
  • 00:37:50
    market intermediat in the middle the
  • 00:37:52
    people that are operating the stock
  • 00:37:54
    exchanges or the Clearing Houses or the
  • 00:37:56
    Brokers or investment advis ERS that
  • 00:38:00
    have different incentives than somebody
  • 00:38:03
    like I do now if I was still at Gman sax
  • 00:38:05
    I might not like some of the things I'm
  • 00:38:06
    doing but my job is for 330 million
  • 00:38:10
    Americans and we do it with an openness
  • 00:38:13
    we want to hear the comments we want to
  • 00:38:15
    hear the feedback when we lose in court
  • 00:38:18
    we adjust but our clients still
  • 00:38:21
    ultimately the 330 million
  • 00:38:24
    Americans and and the entrepreneurs in
  • 00:38:27
    the room that are trying to start out
  • 00:38:29
    and Access Capital and take on the
  • 00:38:32
    incumbents um and I have deep respect
  • 00:38:36
    for the trade associations as well but
  • 00:38:38
    sometimes their their associations are
  • 00:38:42
    you know have the large um incumbents
  • 00:38:45
    that are are important members for them
  • 00:38:48
    so um but keep the comments coming
  • 00:38:51
    that's how we do better I I mean it
  • 00:38:53
    seems like sometimes people who are in
  • 00:38:55
    this room and outside of this room
  • 00:38:56
    trying to make money forget that they
  • 00:38:58
    are part of the 330 million Americans
  • 00:39:01
    that you're also trying to protect this
  • 00:39:03
    is almost like sometimes maybe you're
  • 00:39:04
    seeing it in the way that you do your
  • 00:39:07
    job that maybe sometimes we're working
  • 00:39:08
    against ourselves is that
  • 00:39:10
    right
  • 00:39:13
    look I would say this anybody who wants
  • 00:39:15
    to do a job in public service all in
  • 00:39:18
    it's the greatest experience but it's
  • 00:39:20
    not for the faint of heart because
  • 00:39:22
    there's an awful lot of discourse
  • 00:39:24
    there's a lot of you know public debate
  • 00:39:26
    means debate
  • 00:39:28
    right it means people are going to
  • 00:39:30
    disagree and all we can do is just make
  • 00:39:32
    our best judgment given the law and the
  • 00:39:35
    economics of the time but I'd say for
  • 00:39:38
    folks that are also in the room thinking
  • 00:39:40
    about how do you want the markets to be
  • 00:39:43
    structured so you still instill a great
  • 00:39:45
    deal of competition in the market for
  • 00:39:48
    money and the inter intermediation of
  • 00:39:51
    risk that's where we're in we're not
  • 00:39:53
    we're not in the market for competition
  • 00:39:55
    for Widgets or competition for even for
  • 00:39:59
    all the great products that you're uh
  • 00:40:02
    you know servicing people on but for the
  • 00:40:05
    intermediation of money and risk that's
  • 00:40:07
    our Capital markets what we're trying to
  • 00:40:10
    do is use the tools of
  • 00:40:12
    transparency the tools of access the
  • 00:40:15
    tools of competition to promote lower
  • 00:40:18
    cost and that's that's what my
  • 00:40:21
    predecessor have done that's what the
  • 00:40:23
    next 33 will probably do as well well I
  • 00:40:25
    hope we get another chance uh it was
  • 00:40:27
    such an honor chair guer thank you for
  • 00:40:29
    spending time with us and thank you here
  • 00:40:31
    in the room as well and thank you all
  • 00:40:33
    for allowing me to do this through the
  • 00:40:35
    zoom call and everything like that so
  • 00:40:37
    hope thank you take care thanks thanks
  • 00:40:40
    everyone
  • 00:40:41
    [Music]
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