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…

Global regulators should not be adopting increasingly strict regulations without considering the impact on the entire framework. Problems identified in the letter also concern the United States, since U.S. financial institutions are finding it impractical to enter into repurchase agreements, even with respect to government securities, in light of current leverage ratio requirements.