Clarksville Times

Chairman Ann Wagner of the House Financial Services Subcommittee on Capital Markets led a hearing today to address concerns regarding regulatory overreach at the Securities and Exchange Commission (SEC) and the necessity for reform. Wagner emphasized the need for sensible reforms to protect investors and maintain efficient markets.

During her opening remarks, Wagner criticized Chair Gensler's regulatory approach, stating, "The SEC’s aggressive and burdensome regulatory approach reveals the urgent need for sensible reforms at an agency responsible for protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation."

Wagner highlighted the negative consequences of rulemaking based on theoretical assumptions rather than real-world impacts and emphasized the importance of stakeholder input and cost-benefit analysis in the rulemaking process. She also expressed concerns about the SEC's focus on partisan policy objectives rather than its statutory mission.

The hearing discussed proposed reforms aimed at improving the SEC without compromising investor protections or politicizing the agency. Wagner stressed the need for targeted and practical reforms to address the issues faced by the SEC under Chair Gensler's leadership.

Furthermore, Wagner pointed out the lack of clear authority in certain SEC regulations, such as the Climate Disclosure Rule, which she argued could burden American businesses with significant costs. The hearing aimed to explore the necessity of these reforms to prevent the SEC from overstepping its authority and accomplishing political objectives.

Wagner concluded by calling for bipartisan support in improving the rulemaking process at the SEC, stating, "This should not be a partisan issue. Members of Congress from both sides of the aisle should be concerned any time an agency oversteps its authority and should welcome the sorely needed reforms we will be examining today that improve the rulemaking process at the SEC."

She thanked the witnesses for their testimony and expressed anticipation for the ensuing discussions.