Hello and thank you for your comment. I am certain that if we included the other regulators, OCC, state regulatory bodies and a quasi-regulator like FINRA that the result would still be an absurdly low proportion of regulator financial support relative to just one major U.S. banking institutions profits, say Citi's $11.1 billion.

Regarding the SEC becoming self-funding, that is an interesting issue and one that I have carefully considered for many years. But I still cannot get conviction that it makes sense to financially incentivize a watchdog.

Thanks for your comment and keep them coming!

Jason