The House Financial Services Committee will hold a hearing on oversight of the SEC this morning — and this one has the potential for fireworks. BobPisani reports.
Gary Gensler, Chair of the U.S. Securities and Exchange Commission, takes his seat before the start of the Senate Banking, Housing, and Urban Affairs Committee hearing on Oversight of the U.S. Securities and Exchange Commission on Tuesday, Sept. 14, 2021.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.
"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.
In his prepared testimony, Gensler concedes, "The SEC has no role as to climate risk itself. But we do have an important role with regard to ensuring for public companies' full, fair, and truthful disclosure about material risks." That case related to the Clean Air Act and the ability of the EPA to regulate carbon dioxide emissions. "The majority found that the EPA had exceeded its congressionally-delegated responsibility by pushing utilities to make system-wide moves away from coal-generated power and towards cleaner forms of electricity generation," according to a summary of the case at JDSupra.
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