Good afternoon. Thank you for hosting this discussion today. I’m pleased that we were able to reschedule this event, which was originally scheduled for April and at MIT, and that we now have the opportunity to engage in this important conversation. I am even more pleased to be joined today by my esteemed friends at the SEC, Chairman Jay Clayton and Director of the Division of Trading and Markets, Brett Redfearn.
The connection between the Antitrust Division and the SEC goes back many decades, at least as far as former Assistant Attorney General for the Antitrust Division Robert Jackson. One of my legal heroes, Jackson served as Special Counsel to the SEC before he joined the Department of Justice and then went on to a distinguished Supreme Court career.
Justice Jackson said something about the need for small government that makes me think of Jay. Jackson said that “I want to confine government activity to its narrowest limits because good administrators are so rare.”1 Chairman Clayton has proven himself that rare exception.