In response to proposals by the SEC to make it more difficult for Wall Street firms to cheat their customers, a dozen Democratic Senators* wrote a letter to ask the any new regulations be slow-walked, because ……… I'm not sure, but given the amount of Wall Street money tha have funded these Senators' campaigns, I'll just call it corrupt hypocrisy.
Seruously, this is transparently obvious attempt to kill regulations because these Senators Wall Street masters have demanded it:
Senate Democrats are privately urging SEC Chair Gary Gensler to slow work and take more time for feedback on a slew of regulations rattling Wall Street, as tensions surrounding the agency’s Biden-era agenda reach a boiling point.
In a previously unreported letter, a dozen Democrats led by Sen. Jon Tester of Montana asked Gensler to give the public more time to weigh in on the raft of rules the agency is proposing. The SEC’s agenda includes a landmark climate risk disclosure rule for public companies, new transparency requirements for hedge funds and a revamp of the stock market’s plumbing.
The Democrats who signed the letter include: Raphael Warnock of Georgia, Kyrsten Sinema and Mark Kelly of Arizona, Mark Warner and Tim Kaine of Virginia, Tom Carper and Chris Coons of Delaware, Maggie Hassan of New Hampshire, Jacky Rosen of Nevada, Gary Peters of Michigan and John Hickenlooper of Colorado.
“It is critical that, as the SEC moves through the rulemaking processes, there is adequate time to evaluate each individual rule as well as how those rules interact with existing and other proposed rules,” the senators said, noting the “significant number of separate proposed rulemakings” on the SEC’s agenda.………
The letter hits on what has become a growing sore point for corporate America: the length of comment periods in which the agency lets the public send feedback on proposed regulations.
Under Gensler, the SEC has been proposing more and more rules with what critics see as unnecessarily tight public comment windows, such as 30 or 45 days.
It's not enough time to ramp up the AstroTurf campaigns or to send lobbyists, checks in hand, to lobby members of Congress.
………Gensler, and the Biden administration, should tell these Senators to go Cheney themselves.
Gensler has pushed back on such concerns, saying that the law only requires the SEC to provide 30 days for comment. Even then, comment periods typically start when the proposal is published on the Federal Register, which is running on a lag of several weeks. In the meantime, comments can still be submitted to the SEC.
The intent of the lobbyists is to push this beyond the mid-terms, when, if one of the houses flip Republican, the regulations will be extorted out of existence.
Crap like this is why people do not believe it when Democrats say that they are going to make things better.
0 comments :
Post a Comment