Senator Warren Urges SEC Chair to be More Aggressive in Enforcing Dodd-Frank

Senator Elizabeth Warren (D-MA) has released a letter sent to SEC Chair Mary Jo White that said White’s leadership over the past two years has been “extremely disappointing” and urging the SEC to become more aggressive in enforcing the Dodd-Frank rules and other laws enacted following the financial crisis.

Warren’s letter focused on the following areas for more aggressive enforcement or remedial action:

  • Implementation of the Dodd-Frank rules regarding disclosure of CEO compensation;
  • Failure to require admissions of wrongdoing in SEC enforcement cases;
  • Granting waivers to “well known seasoned issuers” already found to be in violation of securities laws to continue to take advantage of special regulatory privileges to raise capital and issue securities;
  • Failure to address the conflict of interest related to White’s husband, who works as a Wall Street attorney;
  • Failure of the SEC to adopt rules that require disclosure of a company’s political expenditures;
  • Failure of the SEC to enact stronger rules that require disclosure of information for asset-backed securities; and
  • SEC rules that preempt state investor-protection regulations.

Warren asked White to provide answers to the concerns outlined in her letter by July 1, 2015.

Warren is a member of the Senate Committee on Banking, Housing & Urban Affairs and the ranking member on its Subcommittee on Economic Policy. She also sits on the Financial Protection and Consumer Protection and the Securities, Insurance and Investment subcommittees.

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