While Chair Lee's remarks on the topic were quite short, it would not be surprising if they presaged very significant changes in SEC guidance on climate disclosures. One question to watch is whether the SEC will proceed in this area solely through guidance or whether it will attempt rulemaking.

Commissioner Peirce draws from the events of GameStop an important message: the manner in which retail investors interact with the markets and with their brokers, the sources from which they obtain information, and the means by which they trade have all changed. If the SEC's investigation of the GameStop events reveals significant misconduct, that should be punished. But it would be a disappointing outcome if the inclination to bring enforcement actions or to adopt prohibitive rules…

It is a flawed strategy to impose a tax on an activity that is extremely mobile when other jurisdictions do not impose a similar tax. (Note previous .) New York would be hurt by the reimposition of a stock transfer tax. Further, the execution of trades is not that hard to move out of New York. Back in 1981, the New York Stock Exchange ("NYSE") was basically the only meaningful trading venue for major stocks, and the location of the NYSE trading floor was readily locatable. Now, there are…

Will this hearing be the first step to a round of ill-advised government interventions? Consider these Cabinet recommendations: .