Gary Gensler, President Biden’s pick to run the Securities and Exchange Commission, is expected to seek higher fines and new disclosure requirements on public companies, lawyers and former regulators say.earlier this month to head the agency that oversees U.S. securities markets, succeeding Jay Clayton. The Senate needs to confirm his choice for it to take effect, a process for which there is still no confirmed timeline. Last week, Mr. Biden named SEC Commissioner Allison Herren LeeMr.
makes it likely he will beef up enforcement efforts and push for new disclosure rules, lawyers and former regulators said.The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.Finance chiefs already anticipate spending more time and money to comply with new disclosure requirements in the next few years, said Howard Berkenblit, a partner at law firm Sullivan & Worcester LLP. “They’re bracing themselves for more regulation,” he said.
Observers said they expect the agency to ask companies for additional insights, including into issues such as climate-change risk, workforce diversity and political spending. Mr. Biden campaigned on forcing publicly traded businesses to provide more details. He also said he would require these companies to disclose data on the composition of their boards. At the moment, only some U.S. companies provide environmental, social and governance information.
As SEC chairman, he would likely take a different approach to rule-making than his predecessor. Under Mr. Clayton, the agencyas part of a shift toward more principles-based, company-specific disclosures to simplify information for investors. Now, the SEC could return to strict, prescriptive rule-making again.
I hope we see jail time for these crimes and not the same BS 'fines'.
That dude is clearly a reptile.
Attacks on the capitalist system are part of the transition to communism
man!! For a moment I thought Mark Zuckerberg grew old fast.
Will 'appear' to be tough on companies with a side wink. Politically connected companies have nothing to worry about.
Gosh....is he even human? Yikes!
How does he feel about an army of retailers taking down hedge funds?
horrible
Good. If its true.
Lol.