U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler signaled that corporate bonds are in his crosshairs, showing his focus extends beyond frothy markets like cryptocurrencies and meme stocks to a key pillar of Wall Street.

The SEC chief, set to testify Tuesday in the Senate, said in prepared remarks that he's asked the regulator's staff to recommend ways to "bring greater efficiency and transparency" to everything from corporate debt to municipal bonds and mortgage securities.

"This market is so critical to issuers," Gensler said of non-Treasury fixed income. "It is nearly 2.5 times larger than the commercial bank lending of about $10.5 trillion in our economy."

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