Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement regarding Securities and Exchange Commission (SEC) Chair Gary Gensler pursuing major rulemakings with inadequate public comment periods:
“I’m disappointed Chair Gensler continues to pursue significant, and often partisan, rulemakings without adequate time for public comment,” said Republican Leader McHenry. “This is part of an alarming trend of President Biden’s financial regulators running roughshod over rules and precedent to push their agenda. The public comment process is intended to give market participants and stakeholders a seat at the table to voice concerns over unintended negative consequences of potential regulations. Even President Obama’s White House appropriately held the view that public comment periods on most rulemakings should be at least 60 days. I call on Chair Gensler to immediately extend all comment periods on his proposed rules to at least 60 days, including those rulemakings whose comment files have closed prematurely.”
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