For the first time since 2007, all five SEC Commissioners today appeared before HFSC.  Chairwoman Waters (D-CA) said that the SEC is failing to fulfil its mission, citing Volcker rule changes (see Client Report PROPTRADE26), failure to implement Dodd-Frank mandated executive compensation changes (see FSM Report COMPENSATION30) and the content of its best interest standard.  She also reiterated her serious concern that Facebook is trying to create a new global financial system, pushing for rigorous regulation.  SEC Chairman Clayton refused to say whether he views Libra as a security, indicating only that Facebook should discuss this with the SEC before launch.

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