Remarks by Commissioner Crenshaw Before SEC Speaks

Good afternoon. As you know, SEC Speaks is an opportunity for the agency, and specifically the SEC staff, to speak directly to practitioners in our space. To me, and perhaps to some of you, this year’s SEC Speaks feels a bit different. My hope is that over the course of this event, amid talk of rolling back rules and diminishing protections, we will all be reminded of the crucial work that the agency does, which benefits not only investors, but also you. And, I hope we are all reminded of the caliber of people who do that work.

Before I begin, I’ll give the standard disclaimer. The views that I express today are my own, and not necessarily those of the Commission, the staff or my fellow commissioners.

My remarks today offer a word of caution as the agency chips away at decades of our own work – and, at the same time, as we stare down alarming market volatility, emerging risks, and calls for deregulatory action in all corners of our markets.

As we careen down this path full speed, it almost feels like we’re playing a game of regulatory Jenga. Our proverbial Jenga tower is made up of a set of discrete but interrelated rules and laws, deeply and carefully developed over the years, and implemented by a strong agency of experts, skilled in overseeing and regulating our increasingly complex markets.

Of course, in Jenga, the tower remains standing when you pull out a block or two here and there. But, how many blocks can you pull before the tower gives way? When it comes to the stability of our markets, how far are we willing to take our dangerous game? Who would ultimately be the loser when the foundation gives way? I worry, as we all should, that those losing the most won’t be the influential, monied interests; rather, it will be the Main Street Americans – the investors and small business owners who can least afford the greatest loss. Consider some of the actions of the agency over the past weeks and months.

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