While Mester's comments suggest potential regulatory changes, the direct short-term impact on SPY is uncertain. SPY, being a broad market ETF, includes various financial firms that could be affected by increased regulation. However, the lack of specific policy proposals means the immediate impact on SPY's price is likely neutral, with relevance moderate due to its exposure to the financial sector. The importance is moderate as regulatory changes could have significant long-term implications, but the confidence in the short-term impact is not absolute without concrete policy actions.