Eric W. Orts

ExxonMobil's proposal to change its domicile from New Jersey to Texas offers an important test of a principle that, in a forthcoming article Corporate

Stablecoins are marketed as a “killer app” that can perform three roles simultaneously. [1] They aspire to operate as a money-market instrument with

“ Registered Offering Reform ,” released by the Securities and Exchange Commission (the SEC) on May 19, 2026, represents one of the most consequential SEC rulemaking initiatives in decades.

The next big episode of distress in the financial system may not begin inside a bank. Instead, it may start with a margin call, a failed repo rollover, or an open-ended fund facing redemptions.Wherever it comes from, though, the fallout will affect banks through clearing, prime brokerage, custody, securities financing, derivatives, credit lines, and market-making.

The private equity exit market has improved, but it has not reverted to the conditions many sponsors once viewed as normal.

Over the past year, we have moved decisively on our agenda to return to first principles across every dimension of the SEC's mandate—namely, to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. Fundamental to fulfilling this mandate—especially to protect investors and promote capital formation—is expanding the number of publicly listed companies. Accordingly, one of the most ambitious aspects of my policy agenda as Chairman is to incentivize more companies to go public and stay public—or, as I have often put it, to Make IPOs Great Again.

The strangest thing about federal criminal justice today may be that companies are offered a clearer path to redemption than people are.

The rapidly changing business environment and evolving best practices for corporate governance are reshaping the agenda of the board committee responsible for companies' people – or “human capital.” The human capital committee (or similarly named body) is typically charged with overseeing workplace and compensation-related issues and policies, primarily relating to the company's non-executive employees. Its responsibilities have been steadily expanding over the last decade, reflecting changes in government policy and developments in a host of other areas: workplace safety, employee well-being, remote work, anti-harassment protocols, codes of culture, recruitment, retention and succession practices, and benefit design.

Good morning, ladies and gentlemen. And thank you, Fred [Ryan], for your generous introduction. Before I begin, I should like to take a moment to recognize what a profound privilege it is for me to address the Reagan National Economic Forum.

In a statement published last September, here , we argued that the SEC should maintain its current system of mandatory quarterly reporting and not