SEC Chairman Gary Gensler on Wednesday defended the pace of his agency's rule-making agenda, citing the regulator's mission to shore up capital markets, particularly in challenging economic times.
"I think it's part of our job to make sure that the markets are more resilient," Mr. Gensler said during an Investment Adviser Association event. "Look, we're living through uncertain times right now, we've seen this in the last few days in the international bond markets for sure, and the currency markets, but to build greater resiliency into the system" is important.
Mr. Gensler referenced the SEC's proposal to shorten the settlement cycle to T+1 — settling a trade one business day after it is executed — from T+2, or two business days, as a way to add resiliency to the market.
Karen L. Barr, president and CEO of the IAA, an organization for fiduciary investment advisers, moderated the discussion Wednesday and expressed apprehension with the number of rule initiatives the SEC is tackling under Mr. Gensler.
She noted that there are more than 50 rule proposals on the SEC's agenda to which Mr. Gensler said that his predecessor at the SEC, Jay Clayton, finalized 64 rules over a four-year period.