Good afternoon, ladies and gentlemen.[1] Let me begin by thanking our hosts at the U.S. Chamber for the invitation to join today’s program—and of course, for their advocacy on behalf of American enterprise.

I am also pleased to recognize a few leaders whose efforts brought us to this occasion: Chairmen Tim Scott and French Hill, as well as Chairwoman Ann Wagner. Their work reflects the conviction that American ingenuity flourishes when capital can move more freely to meet it. After all, capital formation is the instrument through which one can elevate a good idea into a business; a business into an employer; and an employer into a source of social mobility. Capital formation, in short, is how America prospers. And by any objective measure, our markets have prospered without peer.

Indeed, the United States leads the world in both market capitalization and trading volume. Our equity markets are four-and-a-half times larger than those of the next jurisdiction. But prosperity is not self-sustaining. Each generation must earn it anew by strengthening the structures that make our markets the world standard.

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