Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Banking Committee, joined Ranking Member Tim Scott (R-SC) in sending a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler regarding the agency’s aggressive rulemaking for small and emerging businesses. Specifically, they criticized the SEC’s regulatory agenda, as it risks undermining U.S. capital markets and makes it more difficult for Americans to launch, grow, and maintain their businesses.
“We are deeply concerned that the SEC, under your leadership, has put America’s capital markets framework into jeopardy by failing to properly scale, or tailor, your rules to ensure they do not disproportionately impact small businesses,” wrote the Senators.
“Unfortunately, the aggressive and sprawling rule-making agenda put forth by the SEC under your leadership seeks to further burden these businesses, rather than making it easier for them to raise and deploy growth-driving capital. The SEC currently has over fifty items on its regulatory agenda, many of which will drastically change the operation, structure, and efficiency of U.S. capital markets. The unprecedented volume, complexity, and interconnectedness of the SEC’s rules will inevitably result in severe market disruptions that will harm our capital markets and the investors they serve, particularly small and emerging U.S. businesses and market participants,” continued the Senators.
Joining Senators Cramer and Scott are Senators Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), and Steve Daines (R-MT).
Click here to read the letter.