In her letter to SEC Chair Mary Jo White (See, ) Senator Elizabeth Warren proclaims that investor information overload is a problem which "does not exist." Commissioner Michael S. Piwowar's position contrasts sharply with that of Senator Warren. In support of the rule proposal, Commissioner Piwowar stated: "In 2008, our staff conducted a survey of retail investors. More than half of investors responded that they rarely, very rarely, or never read corporate annual reports. Some…

All of the SEC Commissioners spoke favorably about the proposal. Because of this broad consensus, and because the evidence that increased disclosure may benefit investors and increase competition among broker-dealers is more than reasonable, firms that wish to comment should focus on the details of what is required and not whether the proposal will be approved.

Given that all of the exchanges have fairly similar listing requirements, there is no reason to continue the favoritism that is currently provided to these three exchanges. The approval of this Act simply gives all national exchanges equal treatment.

There was a strong consensus among witnesses in the banking industry that heavier regulation had increased the level of concentration in the financial industry. Mr. Purcell, in particular, cited fairly negative numbers.

In his remarks, Mr. Levitin defended the Dodd-Frank creation of the Consumer Financial Protection Board ("CFPB"). He praised the "amazing talent pool" that formed at the CFPB due to its "mission-driven culture" and "more competitive pay." He also noted…