SEC’s Gensler in congressional hot seat today over climate change and crypto

by | Apr 18, 2023 | Financial

The House Financial Services Committee will hold a hearing on oversight of the Securities and Exchange Commission this morning. Oversight hearings are normally a snoozefest but this one has the potential for fireworks. That’s because SEC Chair Gary Gensler has aroused the ire of many in corporate America over his 50+ list of new regulatory proposals the SEC is scheduled to vote on this year. The proposals run the gamut, from addressing climate change and board diversity to updating rules on best execution and payment for order flow (PFOF), securities lending,  short sale disclosures, shortening the settlement cycle for securities, cybersecurity, and more disclosure on private funds and the advisors around them. Too many rules, too little time to respond Wall Street’s principal complaint against Gensler: Too much, too fast.”The barrage of rulemaking at the SEC is unprecedented and merits the close scrutiny of Congress,” Tom Quaadman, executive vice president at the U.S. Chamber of Commerce, said in an open letter to the House Financial Services Committee. “Chair Gensler has identified a range of 50-55 regulatory priorities since the start of his tenure, and has already proposed twice as many rules as his predecessor in just half the time.” The chair of that committee seems to share those concerns. “There’s a massive amount of change that this chair is trying to drive and it has …

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