I believe that even now, where the Federal Reserve might have broad holding company regulation, that if confirmed, I would look forward to working with Congress and the other regulators to make sure that the dealers themselves have to have capital, business conduct, and reporting requirements.
Gensler emphasizes the importance of working with Congress for better regulation.
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I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets where issuers are asking the public to buy and sell their securities.
It seems it is like a chia pet. It looks like a good idea for a gift until you buy it.
In fact, we do need to do analysis because Congress mandated it. We have to analyze the efficiency, the competition, and the effects on capital formation.
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