- United States Representative James Comer has accused SEC Chairman Gary Gensler of obstructing congressional oversight.
- Rep. Comer’s letter highlighted the SEC’s continuous delays and misdirection in providing requested information.
- Gensler received a deadline of one week to produce the requested documents.
Eleanor Terrett, a journalist, shared a letter sent from United States Representative James Comer to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), addressing Gensler’s actions of “preventing disclosure and transparency.”
Rep. Comer, according to Terret, has a “track record of showing he’s not afraid to subpoena government agencies.” In the letter, the U.S. Representative claimed that Gensler “obstructed and continues to obstruct congressional oversight.” Moreover, he said if Gensler doesn’t cooperate with the Committee’s oversight, the Committee “has no choice but to consider the use of the compulsory process.”
The letter mentioned a previous written note on June 5, 2023, seeking documents and information from the SEC. Rep. Comer added that they have not received the information requested for almost four months “as the SEC has continuously delayed and misdirected.”
The arguments made by the SEC were in direct contradiction of the statute, according to Rep. Comer. The document quoted Section 24(g) of the Securities Exchange Act, which states, “Nothing in this section shall authorize the Commission to withhold information from the Congress.”
The document shared that the SEC fined Goldman Sachs $6 million for withholding information from the agency, to which Rep. Comer said:
The SEC, an agency whose entire regulatory regime is built on disclosure and transparency, seems to do everything it can to stonewall our investigation and prevent disclosure and transparency.
Terret shared that Rep. Comer has given Gensler a deadline of one week to produce the requested documents. However, the public’s reaction wasn’t positive to the “threats,” as they believed “Congress needs to stop threatening and actually do something.”
One user on X (previously Twitter) stated that Congress keeps sending “strongly worded” letters, but nothing happens, and claimed they don’t care about the investor. Moreover, SEC Chair Gensler has been accused before of prioritizing political ambitions over the interests of retail investors.
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