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Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: climate, energy and nature, technology, ai and cyber risk

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the Senate Committee on Banking, Housing, and Urban Affairs

ContextWritten testimony to the Senate Banking Committee by the head of the SEC, the US investor-protection agency, while several of its new rules faced court challenges.

Why it mattersGensler defends custody, analytics and climate disclosure proposals before senators.

Problems raised
  1. Custody rules do not cover all client assets.
  2. Data analytics can put firms' interests first.
  3. Climate and cyber risk disclosures are inconsistent.
Solutions proposed
  1. Strengthen qualified custodian requirements.
  2. Propose rules on analytics conflicts.
  3. Adopt climate and cyber disclosure rules.
Read full speech on sec.gov ↗

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