This is a balanced report that fully recognizes a diversity of views and the uncertainties of economic predictions about the future. It also acknowledges and highlights the differing impacts of potential climate changes on specific geographic regions, countries and economic sectors. If only our political discussions could be as nuanced.

Ms. Peirce is a regulator who embraces a willingness to accept a measure of risk with the confidence that innovation and risk-taking result in progress, with failures along the way. Her speech is a welcome break from the onslaught of rule proposals. (See also )  

FINRA's statement is an illustration of the risks that FINRA is assuming (on the market's behalf) by collecting and consolidating so much information through CAT.  

As Congress considers the proper role of securities exchanges, now is not the time for the SEC to rush through a rule making that "interprets" the definition of the term in the Securities Exchange Act in a manner that would expand its reach. See . If the SEC believes that the 90-year-old definition is insufficient in its scope, the SEC should go to Congress and testify as to changes it believes are necessary.