I think that Chair Schapiro summed it up well, but I think, if I might say, one of the great lessons out of this financial crisis is that we had large financial institutions that were, by and large, outside of the regulatory regime.
Gensler emphasizes the need for regulation of large financial institutions post-crisis.
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I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets.
The New York Stock Exchange can't actually also run a hedge fund on and trade against their customers.
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