Thursday, September 01, 2011

House Oversight Chairs Want No Significant Rulemaking Until SEC at Full Strength

In a letter to SEC Chair Mary Schapiro, two House oversight Chairs said that they expect the SEC to refrain from undertaking any important or controversial initiatives, including significant rulemaking, until there are once again five Commissioners. In the letter, Rep. Scott Garrett (R-NJ), Chair of the Capital Markets Subcommittee and Rep. Randy Neugebauer (R-TX) Chair of the Oversight Subcommittee, noted that one of the great strengths of the SEC is its congressionally-mandated bi-partisan composition. They believe that a full complement of five Commissioners is important to ensure that SEC rulemaking reflects a diverse act of perspectives and is the product of a robust deliberative process.