financialservices.house.gov

Cmte Financial Services (R)
Contact:


McHenry, Huizenga Demand Chairwoman Waters Convene a Hearing with SEC Chair Gensler
Considering the ‘technical glitch’ and damning IG report, Americans deserve to hear from Chair Gensler about the SEC’s expansive agenda

Washington, Oct 26 -

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), and the top Republican on the Investor Protection, Entrepreneurship, and Capital Markets Subcommittee, Bill Huizenga (MI-02), sent a letter to Chairwoman Maxine Waters (CA-43). In light of the “technical glitch,” a damning Inspector General report, and an expansive regulatory agenda, the Republican Leaders are demanding Chairwoman Waters convene a hearing with Securities and Exchange Commission (SEC) Chair Gary Gensler, when Congress returns in November.

Read the full letter to Chairwoman Waters here or below:

“Dear Chairwoman Waters:

“We write to request that you invite Securities and Exchange Commission (“SEC”) Chair Gary Gensler to testify before the full Committee next month. As you know, it has been more than a year since Chair Gensler last testified before the Committee, notwithstanding our repeated requests that he and/or the full Commission appear.  The recently announced technical errors and workforce issues at the SEC, on top of the rushed, sweeping rulemakings, insufficient comment periods, and regulation by enforcement in the digital asset space necessitate the Committee’s attention now more than ever.

“For example, at the time Chair Gensler last testified in October 2021, the SEC had not yet started its scorched earth rulemaking initiative. Since then, under Chair Gensler, the SEC has initiated nearly forty rulemakings – eleven of which were impacted by the technical glitch. Moreover, the SEC Inspector General (IG) identified a number of management concerns – chief among them the impact of the rushed rulemakings on the SEC workforce. Given the increasing number of serious issues at the SEC, it is imperative that Chair Gensler appear before the Committee.

“We appreciate your attention to our request.”

###