Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing with Securities and Exchange Commission (SEC) Chairman Paul Atkins on oversight of the SEC.

Read Chairman Hill's remarks as prepared for delivery.

"Good morning. I’d like to welcome Chairman Atkins and thank him for joining us today.

"The SEC’s mission is clear: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. At its core, this mission is about fostering public confidence in our markets.

"These are not suggestions, nor are they partisan preferences. They are statutory mandates enacted by Congress.

"Unfortunately, during the Biden Administration, the SEC strayed from this mission. Instead of focusing on its core mandate, the Commission pivoted toward politicized rulemakings that stretched far beyond the bounds of its authority.

"A great disappointment, former Chair Gary Gensler, we witnessed a Commission that relied on “regulation-by-enforcement” rather than transparent rulemaking.

"We saw attempts to embed political and social objectives into securities regulation, all at the expense of American investors and small business owners.

"The consequences of this approach speak for themselves. Coupled with crushing compliance burdens, these policies accelerated the shrinking of our public markets. Since 2021, the number of publicly listed companies dropped by over 10 percent.

"Leading entrepreneurs found their capital for growth in private markets delaying opportunities for America’s individual investors, while much of cutting-edge innovation was driven offshore by regulatory uncertainty.

"That’s why in December the House advanced the INVEST Act. This strongly bipartisan legislation is designed to reignite our capital markets by cutting red tape, empowering entrepreneurs and small businesses, and expanding investment opportunities for all Americans.

"I want to commend Chairman Atkins for his efforts to reverse prior rulemakings that hindered capital formation and for steering the Commission back to its fundamental enforcement responsibilities. 

"These actions align with Committee Republicans’ commitment to foster efficient, transparent, and innovation-friendly markets that protect investors and provide regulatory clarity that markets need, particularly in emerging areas such as digital assets.

"It is imperative that Congress provide a functional and durable framework for digital asset markets. We look forward to sending market structure legislation to the President’s desk.

"Today, we will examine recent actions taken by the SEC and provide Members with the opportunity to address any questions or concerns regarding the Commission’s current trajectory.

"We will also assess the SEC’s approach to digital asset regulation, examine the steps being taken to depoliticize the proxy process, and review internal reforms at the Commission itself.

"Our shared goal is straightforward: a marketplace where investors have the information and protections they need to participate with confidence, and where American businesses can access capital to innovate, expand, and create jobs.