Very important and very BAD Trump SEC deregulation of the securities markets today.

[soothsayer]

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Andy Green
@AndyGreenSF
·
Nov 2, 2020
Very important and very BAD Trump SEC deregulation of the securities markets today.

Strong dissenting statements by Dem Commissioners Lee and Crenshaw.

Consumer Federation of America
The SEC today voted 3-2 to approve radical deregulatory Private Offering Rules that will put investors and public securities markets at risk. Today’s vote is evidence of an agency that has abandoned its integral investor protection mission.

@SEC_News

https://consumerfedusa.org/3257EA8

Andy Green
@AndyGreenSF
Expanding shadow securities markets is:

- a license to rip off hard-working families saving for college & retirement; and

- a dramatic reduction in corporate accountability.

It's also a major slap-in-the-face to millions demanding #ESG disclosure on climate, workers, DEI.

A group of law profs and advocacy thought leaders filed a letter strongly critical letter on this proposal.

sites.law.duke.edu/thefinregblog/…

.@ConsumerFed has a powerful comment letter.

consumerfed.org/wp-content/upl…

Dem Commissioners statements sharply critical.

@SECHerrenLee

"[A]s with so many of our rulemakings in the last few years, investors – the supposed beneficiaries of the rule – largely oppose it."

sec.gov/news/public-st…

Commr Crenshaw captures what's really going on:

"[T]he majority’s steady march of expanding the private markets will only further entrench the country’s increasing and concerning economic divide."

sec.gov/news/public-st…

Ultimately, rolling back transparency and accountability by gutting the public markets system undermines the efficiency of capital allocation that our economy depends upon.

This SEC is engaged in short-termism at its worst.

Instead, the SEC should be rethinking how it approaches capital raising to drive a far more transparent, sustainable, pro-investor protection approach across the board, with competitive public markets at the center.

And at the end of the day, it's not just markets and efficiency that are on the line.

It's about whether the economy works for working families.

As we are witnessing every day, the lack of that has profound implications for America as a democracy.

Corporate governance, worker rights, trade policy, tax, antitrust, and more all are critical to enabling workers to be part of a middle class.

The SEC must do its part. Sadly, today it is taking another step in the wrong direction.

[safeinOhio]

1. Once again.

We have the best government money can buy.