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McHenry Statement Regarding SEC Actions at Today’s Open Meeting

Washington, Feb 9 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding the Securities and Exchange Commission’s (SEC) move to propose shortening the settlement cycle for securities trading and including appropriate public comment periods on the rulemakings announced today:

“Today’s move by the SEC to propose shortening the settlement cycle for securities trading is welcome news,” said Republican Leader McHenry. “Over the course of the Committee’s investigation into the meme stock events of January 2021, it has become clear that shortening the settlement cycle is in everyone’s interest. I'm glad to see the SEC take this approach rather than over-regulating in a way that limits choice for everyday investors.

“The SEC has also ensured at least 60 calendar days to allow for comment on each of the rulemakings proposed today. This comes after Ranking Member Toomey and I called on Chair Gensler to allow appropriate input from market participants and stakeholders through the public comment period process. The SEC should similarly extend all unduly short previous and currently open comment periods.”

 Background:

On December 15, 2021, Republican Leader McHenry released a statement blasting SEC Chair Gary Gensler for pursuing major rulemakings with inadequate public comment periods.

On January 10, 2022, Republican Leader McHenry and Senator Pat Toomey (R-PA), the top Republican on the Senate Banking Committee, sent a letter to SEC Chair Gary Gensler raising serious concerns with his decision to limit outside input on rulemakings by providing unreasonably short public comment periods and demanding he extend the comment periods on active rulemakings to ensure they are deliberative and effective.

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