And all of this has the potential to be detrimental to our economy. This hurts all those companies, professionals, and other market participants who are playing by the rules and doing the right thing every day. Put simply, if the public doesn’t think the system is fair, at a minimum, they are not going to invest their hard-earned money. When it comes to the financial markets, it undermines the investor confidence needed for the fair, efficient, and orderly operation of our capital markets. This decline in trust is bad for everyone. These levels, in fact, are near historic lows. According to a recent Gallup poll, only a small percentage of Americans have any significant level of confidence in banks, technology companies, or big business. From Congress to law enforcement to the courts, no sector is immune from this trend. Many Americans’ trust in our institutions is faltering.

But before I begin, as you heard me say yesterday, I’ll remind you that these views are my own. More specifically, the decline in trust in our financial markets and what we can do to restore it. It’s an honor and privilege to speak with both my SEC colleagues and so many from the securities industry and defense bar about a topic that affects all of us: trust. Thank you for that introduction and good morning everyone.

2021 aicpa sec conference