Thank you, Laura [Unger], for your introduction, and for the fine job that you have done spearheading this year’s program alongside our hosts at the Practising Law Institute. I should also like to acknowledge our many participants for being here today, including those of you who are tuning in virtually. Of course, I must not neglect to thank my fellow speakers from across the Commission for contributing their time and expertise. The strength of this institution has always rested on the dedication of its public servants. And this annual opportunity for SEC staff to speak publicly about their work is an occasion for all of us to recognize the rigor and high purpose that animates it. Finally, before I share a few reflections, I must note—as you will no doubt hear countless times today—that the views I express here are my own as Chairman and do not necessarily reflect those of the SEC as an institution or of the other Commissioners.

Now, despite some fits and starts in recent years, SEC Speaks has long occupied a unique place on the Commission’s calendar. Over my three tours at the SEC—first working for two chairmen, then as a commissioner in the aughts—I noticed that this audience tends to hang on a speaker’s every word. But I would do well to remember the counsel of Bill Casey, who, at the very first SEC Speaks program some fifty-four years ago, encouraged future Chairmen to realize that the crowd is there to pay a tribute “not to you, nor to your colleagues, nor to the SEC in general” but, as he put it, “to the SEC in particular.”

And so it is today. Over the course of this program, Commission staff will explain in considerable detail the direction of our policy initiatives across every division and several offices.

My aim this morning is a bit different. In lieu of previewing each of those efforts individually, I want to step back and offer a framework of how they fit together as a cohesive whole, so that as you hear from our speakers, you understand not only the substance of the SEC’s priorities, but the shared principles behind them.

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