On February 22nd, the SEC Commissioners addressed the Practicing Law Institute's annual SEC Speaks Conference. Chairman Elisse Walter discussed her fictional "Aunt Millie" and the need to make markets safe for investors. Commissioner Luis Aguilar addressed market instability. Commissioner Troy Paredes reviewed the Commission's disclosure mandate and mission, questioning some of the new disclosures required by the Dodd-Frank Act. Commissioner Daniel Gallagher, after summarizing the SEC's historical antecedents, asked whether the creation of the Financial Stability Oversight Council threatens the agency's independence.