Hi, I'm Norbert Michelle, Cato's Center for Monetary and Financial Alternatives,

and I'm here with my colleague, Jennifer Shulp.

I'm the Director of Financial Regulation Studies and Cato Center for Monetary and Financial

Alternatives.

And we're also here today with a special guest.

And I'm Hester Purse.

I'm a commissioner at the Securities and Exchange Commission, where I've been a commissioner

since 2018.

I have to give you my disclaimer, which is that my views are my own views as a commissioner,

not necessarily those of the SEC or my fellow commissioners.

Thank you.

Well, in my disclaimer, I've known Hester for a very, very long time.

So I'm biased, but that's okay.

We're here at the Cato Institute having a discussion.

And Hester was kind enough to come to our conference yesterday,

if anybody didn't catch that.

That is online, the whole thing. And she had a

nice discussion with Jen Schulp, kind of toward the end, middle, middle in. We were at the beginning

of the day, but we were talking about financial innovation. The beginning of the end, yeah.

And how to design financial regulation so that it works. Yes.

There's a very good discussion, even though my timing is off.

My sense of time is gone.

...