During an April 18 hearing by the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.) and other committee members criticized Securities and Exchange Commission (SEC) Chair Gary Gensler for his “rushed” approach to rulemaking.
Gensler’s policies around climate-related disclosures came under hot water, with McHenry accusing the SEC chair of “endangering American competitiveness.”
McHenry, chairman of the House committee, painted Gensler’s SEC as an agency that is overstepping its authority and refusing to consider criticism.
“Time and time again, you’ve cut the public out of the rulemaking process with unreasonably short comment periods, even for major rules like your disastrous climate disclosure proposal and equity market structure overhaul,” the congressman said. “You failed to justify these significant rules with thorough evidence, careful studies, and even cost-benefit analysis.”…