"[W]hen I think about the SEC's role at a time like this, I like to think of my very dear -- if completely imaginary -- Aunt Millie, a retail investor with a modest portfolio, looking towards a secure retirement .., Aunt Millie is no hedge fund manager. So when she sits down with her financial professional, and the talk turns to ETFs and target date funds, crowdfunding or her professional's fees, I want the SEC's presence to be felt there in that office -- whether or not she even knows anything about the SEC ... I want the SEC to be there looking out for her, helping her make sense of the environment in which she is investing her future security."

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