The challenge of regulatory competitiveness.... I'll use a metaphor. The one that I use commonly is that it's a ton of feathers. We've analyzed this on virtually every link in the value chain. There's no one item in there that's any more than a feather. If you have a ton of feathers, it's still a ton. The problem is that identifying any one feather almost feels trite, but in aggregate it's very significant. We can demonstrate that on many different layers.
On March 6th, 2023. See this statement in context.