<p><span>Thank you, Chair Gensler. Safeguarding client assets is at the heart of investor protection. Accordingly, I had anticipated supporting a proposal to amend the custody rule, which, after fourteen eventful years, deserves another update. Significant aspects of the proposed approach and its implementation timeline, however, raise such great questions about the rule’s workability and breadth that I cannot support today’s proposal. I look forward to hearing from my colleagues today and from commenters during the comment period and hope that I can support the final safeguarding rule.</span></p>