Gary Gensler actually said...

We have an exemption for the commercial entities, but hopefully, we do not for the financial entities.

If we let it go, it is going to pull down everything else. That was the central lesson of AIG.

Congress should avoid any bright-line exemption that runs the risk of creating the next regulatory loophole.

History demonstrates that bright-line statutory exemptions or exclusions granted at one point in time can have unintended consequences.