Chair Gensler's former tenure at the CFTC was notable, among other things, for party-line votes. His tenure at the SEC is off to a start that is the same, but more so. Baseball fans may remember a famous quote that "There is nothing quite so limited as being a limited partner of George Steinbrenner's." Perhaps Commissioners Peirce and Roisman can suggest at least one thing that is equally limited.

Notably, the Office suggests that the way to help small businesses raise capital is to provide them with some lessening of regulation.

Chair Gensler begins his discussion of SPACs with a philosophical principle: "like activities [should be treated in a] like [manner]." He argues that SPACs and traditional IPOs are alike, but are regulated differently, with SPAC offerings benefited by being subject to less regulation. Mr. Gensler reported that SPACs have come to account for more than three-fifths of U.S. public offerings, substantially outpacing traditional IPOs. His response to this trend, based on his starting…

A number of Mr. Quarles' remarks indicate that there should be some modest decrease of bank capital calibration, particularly as to the treatment of foreign banks and as to the leverage ratio. It is unlikely that those suggestions will be priorities for the current administration.

The most significant "big picture" remarks made by Mr. Quarles were as to the role of the Federal Reserve in extending credit following the pandemic. In particular, he asserted that the Federal Reserve's…