SEC Chair Delayed JOBS Act Rule To Secure Legacy, Internal Emails Reveal

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SEC Chair Delayed JOBS Act Rule To Secure Legacy, Internal Emails Reveal

SEC Chair Delayed JOBS Act Rule To Secure Legacy, Internal Emails Reveal

HuffPO-

Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show.

The emails were highlighted in a letter critical of Schapiro sent to her on Friday by congressman Patrick McHenry, the Republican chairman of a prominent House subcommittee that oversees financial services, who called on Schapiro to hurry up and finalize the rule.

Schapiro, who is stepping down as chairman in two weeks, decided to take more time seeking public comments about the rule after Barbara Roper, a well-known investor advocate with the Consumer Federation of America, wrote a letter to Schapiro’s chief of staff voicing “strong objections” to lifting the ban without vetting the rule first.

Schapiro’s decision went against the recommendations of the SEC’s staff, including Corporation Finance Director Meredith Cross, the emails suggest.

[HUFFINGTON POST]

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One Response to “SEC Chair Delayed JOBS Act Rule To Secure Legacy, Internal Emails Reveal”

  1. Sarah says:

    Strange, the JOBS act is potentially a fraud enabling mechanism that could gets people rich. And we know how effective fraud can be once it’s legitimized by non-enforcement, deregulation, “acts” of bad policy.
    Perhaps that wouldn’t be such a bad legacy for Schapiro. Yet another promoted and propagandized misstep delivered by the Obama/Wall Street administration.

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