THE SEC HAS BEEN WEAPONIZED - MR. SESSIONS - JUNE22/23

https://www.youtube.com/watch?v=_D2b_7j3tac
Witness for this one-panel hearing will be:

• Megan Barbero, General Counsel, U.S. Securities and Exchange Commission

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This hearing will examine the Securities and Exchange Commission (SEC)’s responsiveness to Congressional requests, and its commitment to abide by its statutory authority, particularly in light of the Supreme Court’s decision in West Virginia v. EPA. The Subcommittee will review the radical regulatory agenda that the SEC has been pursuing under the leadership of Chair Gensler.

Background

In West Virginia v. EPA, the Supreme Court clarified limitations of certain agency action. Although Article I, Section I of the United States Constitution vests “all legislative powers” in Congress, the Biden Administration has largely relied on executive action to advance its agenda that could not otherwise make it through the legislative process. The case reaffirmed the position that a government agency’s rulemaking authority is not unlimited and that the major questions doctrine requires a government agency to point to a “clear” congressional authorization for its actions. Yet, through Chair Gensler’s regulatory regime, the SEC continues to implicate the issues raised in West Virginia v. EPA.

In addition to ensuring the proper application of federal laws and federal agencies, the House Committee on Financial Services (Committee) plays a vital role in overseeing the Executive Branch, including conducting oversight of the SEC, to better inform its legislative agenda. To date, the SEC has provided insufficient responses to numerous Committee requests made at the beginning of the 118th Congress and continues to hinder the Committee’s access to records and information at the SEC.