RUSH TRANSCRIPT Liz yeah ░░░░░░░░ ve got a market ░░░░░░░░ off here Lots of ░░░░░░░░ on the screen We ░░░░░░░░ got to talk about ░░░░░░░░ the securities and exchange ░░░░░░░░ chair Gary Gensler signaled ░░░░░░░░ swan song I don ░░░░░░░░ know you know during ░░░░░░░░ securities regulation conference yesterday ░░░░░░░░ spoke about his time ░░░░░░░░ the agency which has ░░░░░░░░ since he has led ░░░░░░░░ April of 2021 saying ░░░░░░░░ been a great honor ░░░░░░░░ serve with them doing ░░░░░░░░ people s work and ░░░░░░░░ that our capital markets ░░░░░░░░ the best in the ░░░░░░░░ Well gensler did not ░░░░░░░░ he was resigning His ░░░░░░░░ about his replacement is ░░░░░░░░ rampant right now Joining ░░░░░░░░ on a fox business ░░░░░░░░ is the former sec ░░░░░░░░ of investment management Norm ░░░░░░░░ who served at the ░░░░░░░░ from 2010 2015 I ░░░░░░░░ t know his tone ░░░░░░░░ maybe nostalgic but how ░░░░░░░░ you interpret gensler s ░░░░░░░░ yesterday For the current ░░░░░░░░ chair to leave when ░░░░░░░░ new administration comes in ░░░░░░░░ have been various rumors ░░░░░░░░ s been saying he ░░░░░░░░ stay perhaps he s ░░░░░░░░ acknowledging the inevitable Liz ░░░░░░░░ has said elections have ░░░░░░░░ and he sounded like ░░░░░░░░ would completely understand and ░░░░░░░░ president should be allowed ░░░░░░░░ put certain people they ░░░░░░░░ in those positions January ░░░░░░░░ the president the way ░░░░░░░░ works typically when the ░░░░░░░░ is designated acting chair ░░░░░░░░ Mr Gensler would lose ░░░░░░░░ chairmanship immediately Liz President ░░░░░░░░ Trump was at a ░░░░░░░░ event in Nashville a ░░░░░░░░ of months ago and ░░░░░░░░ out told the crowd ░░░░░░░░ on day one I ░░░░░░░░ fire Gary Gensler He ░░░░░░░░ t exactly do that ░░░░░░░░ he I actually think ░░░░░░░░ might be better if ░░░░░░░░ s demoted from being ░░░░░░░░ and just has to ░░░░░░░░ around Liz so that ░░░░░░░░ legal to do The ░░░░░░░░ designates the chair so ░░░░░░░░ President Trump can do ░░░░░░░░ at 12 01 on ░░░░░░░░ 20 Liz so in ░░░░░░░░ next segment or so ░░░░░░░░ have the CEO of ░░░░░░░░ which is this predictive ░░░░░░░░ platform Everybody was going ░░░░░░░░ this during election night ░░░░░░░░ ahead of election night ░░░░░░░░ correctly predicted Donald Trump ░░░░░░░░ the president and now ░░░░░░░░ are betting on cabinet ░░░░░░░░ and big positions in ░░░░░░░░ administration and while bloomberg ░░░░░░░░ talking about as a ░░░░░░░░ you re not on ░░░░░░░░ least the short list ░░░░░░░░ on kashi Robinhood s ░░░░░░░░ legal guy is there ░░░░░░░░ current sec commissioner a ░░░░░░░░ commissioner former banking reg ░░░░░░░░ Christmas late orbankingreg mentioned ░░░░░░░░ you had any discussion ░░░░░░░░ the Trump transition team ░░░░░░░░ on anything around the ░░░░░░░░ Liz just between you ░░░░░░░░ me Be honored to ░░░░░░░░ if the president xied ░░░░░░░░ if we look at ░░░░░░░░ election the president has ░░░░░░░░ mandate to restore prosperity ░░░░░░░░ make sure the economy ░░░░░░░░ for working Americans The ░░░░░░░░ and exchange commission is ░░░░░░░░ part of that and ░░░░░░░░ particular under the Obama ░░░░░░░░ and the Biden policies ░░░░░░░░ number of public companies ░░░░░░░░ America has been cut ░░░░░░░░ half from 8 000 ░░░░░░░░ 4 000 and the ░░░░░░░░ of ipo s have ░░░░░░░░ reduced by 90 That ░░░░░░░░ limiting investor choice and ░░░░░░░░ investor risk in Americans ░░░░░░░░ s accounts Those policies ░░░░░░░░ got to be turned ░░░░░░░░ Liz a lot of ░░░░░░░░ people at companies pull ░░░░░░░░ s because of market ░░░░░░░░ They are worried about ░░░░░░░░ you know recessions They ░░░░░░░░ worried about interest rates ░░░░░░░░ perhaps a particular sector ░░░░░░░░ don t see that ░░░░░░░░ weighing into why there ░░░░░░░░ t been as many ░░░░░░░░ s 021 when President ░░░░░░░░ s policies were mostly ░░░░░░░░ in place we had ░░░░░░░░ 1 000 ipo s ░░░░░░░░ it was spacs too ░░░░░░░░ that flattened and reversed ░░░░░░░░ decline in public companies ░░░░░░░░ the last 30 years ░░░░░░░░ they are not perfect ░░░░░░░░ ve written columns about ░░░░░░░░ reforms but nonetheless the ░░░░░░░░ sec went from 1 ░░░░░░░░ ipo s under President ░░░░░░░░ down to 180 That ░░░░░░░░ a 90 cut We ░░░░░░░░ got to get that ░░░░░░░░ and make sure that ░░░░░░░░ s less expensive to ░░░░░░░░ public Liz there is ░░░░░░░░ etf called the renaissance ░░░░░░░░ etf and it has ░░░░░░░░ over the last year ░░░░░░░░ President Biden by 34 ░░░░░░░░ I believe that there ░░░░░░░░ ipo s that people ░░░░░░░░ to invest in and ░░░░░░░░ quality must be good ░░░░░░░░ I d go that ░░░░░░░░ Remember when you cut ░░░░░░░░ number of stocks this ░░░░░░░░ and money is still ░░░░░░░░ into people s retirements ░░░░░░░░ every two weeks from ░░░░░░░░ paychecks that money has ░░░░░░░░ go somewhere so as ░░░░░░░░ I m sure well ░░░░░░░░ the top 10 stocks ░░░░░░░░ the S P 500 ░░░░░░░░ for one third of ░░░░░░░░ value So we re ░░░░░░░░ being crowded into the ░░░░░░░░ stocks in our retirement ░░░░░░░░ so I think it ░░░░░░░░ hard to know whether ░░░░░░░░ s are going up ░░░░░░░░ it s quality companies ░░░░░░░░ is it just this ░░░░░░░░ of money that has ░░░░░░░░ be put somewhere so ░░░░░░░░ goes to the heart ░░░░░░░░ capitalism in America Henry ░░░░░░░░ Steve jobs Elon Musk ░░░░░░░░ money publicly to expand ░░░░░░░░ business We cannot cut ░░░░░░░░ off It s important ░░░░░░░░ jobs It s important ░░░░░░░░ growth and we ve ░░░░░░░░ reverse the policies that ░░░░░░░░ cutoff and really harmed ░░░░░░░░ public us capital markets ░░░░░░░░ are so critical to ░░░░░░░░ economy Liz can we ░░░░░░░░ what if What if ░░░░░░░░ were named to the ░░░░░░░░ of the sec Crypto ░░░░░░░░ and we re about ░░░░░░░░ talk about it with ░░░░░░░░ garlinghouse of ripple xrp ░░░░░░░░ 18 attorneys general have ░░░░░░░░ filed suit against the ░░░░░░░░ alleged over reach of ░░░░░░░░ crypto industry when it ░░░░░░░░ to regulating it How ░░░░░░░░ you view crypto and ░░░░░░░░ regulation it does and ░░░░░░░░ not need What the ░░░░░░░░ pursued the last three ░░░░░░░░ a half years which ░░░░░░░░ dreaded regulation by enforcement ░░░░░░░░ they have been suing ░░░░░░░░ in sight as that ░░░░░░░░ talks about saying that ░░░░░░░░ s a security Every ░░░░░░░░ instrument every digital asset ░░░░░░░░ saying it s a ░░░░░░░░ and saying it should ░░░░░░░░ within the securities laws ░░░░░░░░ would advocate that we ░░░░░░░░ that around No more ░░░░░░░░ by enforcement right Let ░░░░░░░░ go back to regulation ░░░░░░░░ actually looking at the ░░░░░░░░ so the president has ░░░░░░░░ an advisory council on ░░░░░░░░ and he has said ░░░░░░░░ that council should guide ░░░░░░░░ appropriate regulatory framework for ░░░░░░░░ I support that 100 ░░░░░░░░ should be having dialogues ░░░░░░░░ industry round tables and ░░░░░░░░ ways to get information ░░░░░░░░ then figure it out ░░░░░░░░ really quick before we ░░░░░░░░ The sec under Donald ░░░░░░░░ will probably if you ░░░░░░░░ the mandate that he ░░░░░░░░ from all of the ░░░░░░░░ who voted for him ░░░░░░░░ ll see unraveling of ░░░░░░░░ rules that were imposed ░░░░░░░░ Gary Gensler I m ░░░░░░░░ about climate disclosure rules ░░░░░░░░ businesses proxy voting hedge ░░░░░░░░ rules requiring reporting short ░░░░░░░░ What be the number ░░░░░░░░ thing you d like ░░░░░░░░ see Esg disclosure rule ░░░░░░░░ are political disclosure rules ░░░░░░░░ of materiality which we ░░░░░░░░ lived with for hundreds ░░░░░░░░ years Now it s ░░░░░░░░ disclosure When you have ░░░░░░░░ disclosure and mess it ░░░░░░░░ then the plaintiff suits ░░░░░░░░ and then you increase ░░░░░░░░ cost of being a ░░░░░░░░ company We have to ░░░░░░░░ the costs down Liz ░░░░░░░░ agree Climate disclosure rules ░░░░░░░░ every company slows everything ░░░░░░░░ Liz but let s ░░░░░░░░ on the record as ░░░░░░░░ we care about a ░░░░░░░░ planet 00 but that ░░░░░░░░ my materiality is the ░░░░░░░░ standard It works in ░░░░░░░░ is the situation What ░░░░░░░░ material to a reasonable ░░░░░░░░ This mandate is a ░░░░░░░░ idea It s expensive ░░░░░░░░ prepare so you need ░░░░░░░░ like me to prepare ░░░░░░░░ and if you get ░░░░░░░░ wrong you get sued ░░░░░░░░ worse you get a ░░░░░░░░ down to the Senate ░░░░░░░░ committee in front of ░░░░░░░░ Warren if something goes ░░░░░░░░ so we ve got ░░░░░░░░ get costs being down ░░░░░░░░ you head back to ░░░░░░░░ great job and we ░░░░░░░░ see what happens and ░░░░░░░░ way we would love to