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McHenry Slams Gensler’s Proposed Equity Market Structure Overhaul

Washington, Dec 14 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the changes to equity market structure proposed today by the Securities and Exchange Commission (SEC):

“The U.S. has the most liquid and efficient capital markets in the world,” said Chairman-elect McHenry. “Chair Gensler’s market structure overhaul, especially his untested proposal routing retail orders to auctions, will inject uncertainty and threaten the dominance of our markets that millions of Americans rely on for their financial security.

“The SEC has no legitimate cause for such fundamental changes to the structure of our equity markets. In fact, our equity markets appear to be working very well for everyday investors as their participation continues to increase. Chair Gensler has again failed to meaningfully analyze the real costs these proposals will impose on market participants, especially everyday investors.

“Instead of proposing regulations that serve only as an interesting thought project for left-wing academics, we should be focused on capital formation and increasing market access. The incoming House Republican majority will finally hold Chair Gensler accountable for his overreaching regulatory agenda.”

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