Banks Are Ready For a Fight if Gensler Comes After Their $7 Trillion 'Collective Funds' Empire

Also, hedge funds may have gotten some good news about SEC's swaps reporting rule; Supreme Court backs Slack in 'direct listing' case; House passes revamp of accredited investor requirements

Gary Gensler caused a stir last week when he gave a stern lecture to the mutual fund industry for opposing his efforts to ensure its investors are protected in times of market stress. The dustup, rightly, garnered a lot of attention. But it also obscured some of the SEC chief’s other comments that day, which are provoking a good amount of consternation …