Commissioner Piwowar on the SEC's Mission

On January 27, 2014 to the U.S. Chamber of Commerce in Washington, D.C., Commissioner Michael S. Piwowar gave a speech on Advancing and Defending the SEC’s Core Mission.  Commissioner Piwowar stated "Regardless of the area, when making decisions, a Commissioner should be guided by the SEC’s core mission: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."  Although all of these goals seem appropriate for the SEC based on its Congressional mandates and Commissioner Piwowar's speech was informative and thoughtfully written, the Commissioner's statement seems to reflect three separate missions, and one must wonder how the SEC decides priorities when these three missions conflict.