As Supreme Court Justice Louis Brandeis once wrote, “sunlight is said to be the best of disinfectants; electric light the most efficient policeman.”[1] Yet lightbulbs must be replaced from time to time. Sometimes the glow fades; other times, they simply break. When we have the opportunity to replace with a bulb that is cheaper and more efficient, we should do so. Today, the Commission considers four staff recommendations, each of which seeks to focus the light of disclosure in ways that both empower investors to make independent and informed financial decisions and make regulation more efficient, effective and appropriately tailored.
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