US Rep. Challenges SEC’s Transparency in Letter to Chairman Gensler

Published 13/10/2023, 09:23
US Rep. Challenges SEC’s Transparency in Letter to Chairman Gensler

Coin Edition -

  • United States Representative James Comer has accused SEC Chairman Gary Gensler of obstructing congressional oversight.
  • Rep. Comer’s letter highlighted the SEC’s continuous delays and misdirection in providing requested information.
  • Gensler received a deadline of one week to produce the requested documents.

Eleanor Terrett, a journalist, shared a letter sent from United States Representative James Comer to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), addressing Gensler’s actions of “preventing disclosure and transparency.”

Rep. Comer, according to Terret, has a “track record of showing he’s not afraid to subpoena government agencies.” In the letter, the U.S. Representative claimed that Gensler “obstructed and continues to obstruct congressional oversight.” Moreover, he said if Gensler doesn’t cooperate with the Committee’s oversight, the Committee “has no choice but to consider the use of the compulsory process.”

The letter mentioned a previous written note on June 5, 2023, seeking documents and information from the SEC. Rep. Comer added that they have not received the information requested for almost four months “as the SEC has continuously delayed and misdirected.”

The arguments made by the SEC were in direct contradiction of the statute, according to Rep. Comer. The document quoted Section 24(g) of the Securities Exchange Act, which states, “Nothing in this section shall authorize the Commission to withhold information from the Congress.”

The document shared that the SEC fined Goldman Sachs $6 million for withholding information from the agency, to which Rep. Comer said:

The SEC, an agency whose entire regulatory regime is built on disclosure and transparency, seems to do everything it can to stonewall our investigation and prevent disclosure and transparency.

Terret shared that Rep. Comer has given Gensler a deadline of one week to produce the requested documents. However, the public’s reaction wasn’t positive to the “threats,” as they believed “Congress needs to stop threatening and actually do something.”

One user on X (previously Twitter) stated that Congress keeps sending “strongly worded” letters, but nothing happens, and claimed they don’t care about the investor. Moreover, SEC Chair Gensler has been accused before of prioritizing political ambitions over the interests of retail investors.

The post US Rep. Challenges SEC’s Transparency in Letter to Chairman Gensler appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.