Business Maverick: Wall Street push against new rules gets boost from GOP House win

Next year, the GOP will lead the powerful Financial Services Committee, which can demand information from the heads of agencies such as the Securities and Exchange Commission and the Consumer Financial Protection Bureau and seek to dial up oversight of the regulators. At minimum, the House’s shift from Democratic leadership could force agency staff to spend hundreds of hours responding to lawmakers’ requests, lobbyists and others said.

They might target private-sector initiatives like the Nasdaq’s rule requiring diversity on the boards of companies that trade on the stock exchange. Large banks and brokerages could be brought in to testify about whether their focus on ESG initiatives has hurt investors. “While exertion of more oversight authority could slightly change the focus of the various financial regulators, I don’t know that a Republican majority in just one chamber would result in significant public policy changes for the financial firms themselves,’ said Daniel Meade, a Washington-based partner at the law firm Cadwalader, Wickhersham & Taft.

In September, Michael Barr, the Federal Reserve’s vice chair for supervision, vowed to take a tough approach to evaluating acquisitions. The Federal Deposit Insurance Corporation proposed measures in March, shortly after the Republican chair departed after a public spat with Democrats on the commission.

The industry is concerned that Gensler’s plan will undermine the economics of their business models, make it more difficult to mount activist campaigns against corporate boards, and greatly increase regulatory costs.

Hilarious SA media trying to pretend that Reps are serving corporate interests when it is Dems that take billions from corporates by far more than Reps not even mentioning the fraudulent FTX scam. The Dems are now universally understood to be the corporate fascist party.

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