Thank you, David [Woodcock], for your generous introduction. And good morning, ladies and gentlemen. I am delighted to be here, and grateful for this opportunity to share a few reflections.

Let me begin by thanking our hosts at the Texas A&M University School of Law for convening today’s program. Though only in its second year, the symposium has already earned a reputation for rigor and insight. So, to address leading judges, scholars, and practitioners here, at the Federal Reserve Bank of Dallas, is a profound honor. And before I begin, let me add the customary disclaimer that the views I express here are my own as Chairman and not necessarily those of the SEC as an institution or of the other Commissioners.

Now, some of you may recall that last fall, I addressed a conference at the University of Delaware’s Weinberg Center for Corporate Governance. [1] I spoke candidly about the declining number of public companies in our capital markets and the reforms that I believe are necessary to revitalize them. I also emphasized the important role that States play in these reforms, especially in the areas of litigation reform and shareholder proposals. That speech took place during a period when prominent firms were raising concerns about continuing to be domiciled in Delaware, with some moving elsewhere and encouraging others to follow suit. [2]

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