In a letter to SEC Chairman Jay Clayton, Lev Bagramian of Better Markets and seven other public advocates urged the commission to rethink its deregulatory agenda in light of the economic disruptions currently shaking the foundations of the American economy.
With millions of Americans out of work and an untold number of businesses closing their doors for good, transparency and accountability in capital markets are more important than ever. It is in times like these that investors, savers, and retirees need timely, comprehensive, and accurate information that securities laws and rules are meant to ensure investors receive. Yet the Commission insists on continuing to expand exemptions to public offering rules, undermine disclosure requirements, and raise barriers that make it more difficult for shareholders to hold corporations responsible for their actions.
Better Markets urges the Commission to step back from the path of undermining the decades of success from the federal securities laws and, instead, take steps to constrain the growth of private securities markets and promote corporate disclosure and stakeholder accountability. Read more here.