Washington, DC–(ENEWSPF)–June 2, 2015. Statement of Lisa Gilbert, Director, Public Citizen’s Congress Watch Division:
Public Citizen applauds U.S. Sen. Elizabeth Warren’s (D-Mass.) letter (PDF) to the U.S. Securities and Exchange Commission’s (SEC) Chair Mary Jo White raising issues concerning the agency’s regulatory and enforcement work. Sen. Warren’s thoughtful and detailed letter is a rousing call to action that the SEC should not ignore.
Sen. Warren’s critically important letter highlights the SEC’s failure to finalize rules requiring the simple disclosure of the ratio of CEO pay to that of the median worker; its ongoing use of waivers for companies that break the law; the agency’s practice of settling many cases without requiring meaningful admissions of guilt; and Chair White’s repeated recusals related to her prior employment and her husband’s current employment.
In addition to these concerns, the senator expresses alarm about the SEC’s failure to address undisclosed corporate campaign contributions in the face of the biggest demand for rulemaking on any issue in the agency’s history. Sen. Warren also flags major concerns with other rulemakings that have been far weaker than Main Street advocates would have liked.
We strongly urge Chair White to issue more and better rules that put the needs of investors first.