Gary Gensler: “As you described it, Senator, I believe so.”

I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets.

the initial public offering market would be shut down with the government

If I can say, breaking the law and not liking the law are different than lack of clarity.

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.