"Today's Commission treats the notice-and-comment rulemaking process not as a conversation, but as a threat," she said at a public meeting to discuss a proposed reform that could usher in major change for cryptocurrency firms. The SEC has also actively policed market misconduct, levying record penalties in the last fiscal year. Progressive lawmakers and investor advocates have praised the SEC and pushed for Congress to give the agency more resources. The "SEC is making significant progress in its mission to protect investors and maintain fair, orderly, and efficient markets," Stephen Hall, legal director and securities specialist at Better Markets, said in a statement. (Reporting by Chris Prentice; Editing by Aurora Ellis)
By Chris Prentice and John McCrank
NEW YORK, April 17 (Reuters) - The head of the U.S.
Securities and Exchange Commission (SEC) plans to defend its
rulemaking and policing of market misconduct at a Tuesday
hearing led by Republican lawmakers who have accused it of
overstepping its authority.
Having won control of the House of Representatives last
year, Republicans now have a pulpit to try to constrain
President Joe Biden's administrative oversight of key financial
issues. Some in the finance industry have joined in the
criticism, saying the SEC is going too far in its reforms and
not taking time for industry feedback.
But SEC Chair Gary Gensler, who has helmed the agency since
April 2021, underscored the agency's rulemaking work as
"grounded in legal authorities granted by Congress" in testimony
prepared for Tuesday's House Financial Services Committee
hearing.
The SEC has proposed a stock market overhaul and laid out
plans to require companies to disclose climate-related risks,
among numerous other reforms.
"Forsaking investor protection puts real people's life
savings at risk. The goal is to protect our 'clients': U.S.
investors," he said in the prepared remarks.
But the U.S. Chamber of Commerce, which represents
businesses, in a letter last week said the agency's rulemaking
under Gensler is "torrential, disjointed and rushed."
Republican SEC Commissioner Hester Peirce has also
criticized the agency's agenda and engagement with industry.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.