Articles tagged with: SEC
AFR joins 22 organizations in letter urging members of the Senate Banking Committee to oppose the nomination of Walter Joseph ‘Jay’ Clayton to serve as Chair of the Securities and Exchange Commission.
“Jay Clayton’s entire career of representing major Wall Street banks, advancing their interests at the expense of the public, helping them avoid accountability, stands in contradiction to the very mission of the agency he has been nominated to lead… Those who voted in favor of his appointment — both Democrats and Republicans –will have some explaining to do to constituents who are sick and tired of letting Wall Street continue rig the economy so all of the gains go to those at the very top.”
Jay Clayton’s performance in the SEC confirmation hearing makes it abundantly clear that after a career of helping Wall Street banks avoid accountability, he is uniquely ill-suited to the job of protecting investors and working people from Wall Street misconduct.
“Financial services companies that support giving retirement investors investment advice that is in their best interests should stand up against the aggressive anti-investor lobbying tactics of their trade associations seeking to overturn the Department of Labor’s (DOL) conflict of interest rule, according to three national organizations that have supported DOL efforts to strengthen protections for retirement savers.”
“This legislation is transparently an effort to paralyze the SEC and to empower Wall Street lawyers to overturn its decisions, not to improve its analysis or decision making. …The most prominent new requirement would mandate that the SEC identify every “available alternative” to a proposed regulation or agency action and quantitatively measure the costs and benefits of each such alternative prior to taking action. …In addition to the enormous task of identifying and analyzing every available alternative to a course of action, the agency would be required to perform half a dozen new analyses in addition to its current requirements concerning market efficiency, competition, and capital formation. These new requirements include analyses of effects on small business, market liquidity, state and local government, investor choice, and “market participants”. Notably, no new requirements concerning the protection of investors or preventing another financial crash are included. …We urge you to reject it.”
In the new political environment, it is likely that there will be a heavy emphasis on the capital formation mission of the SEC. The IAC should play a critical role in reminding the Commission that investor protection is crucial to stable and effective capital formation. …Improving financial entity disclosures is crucial if we are to improve market discipline for large financial entities and investor discipline for funds.
AFR joined with the AFL-CIO in calling on the Securities and Exchange Commission to revise its proposed rule so that “any changes to the Commission’s disclosure rules do not narrow the scope of information that is provided to investors.”
“A Securities and Exchange Commission proposal to place caps on registered investment firms’ exposures to derivatives is showing the hallmarks of a classic Washington battle — the industry is trying to tamp down advocacy groups’ requests for broad regulations. Although the SEC hasn’t announced its plans, lobbyists who have been watching the derivatives rule expect the agency to move forward in the coming months. Watchdog groups like Better Markets and Americans for Financial Reform have championed the proposal…”