WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Paul Atkins is Politicizing the SEC”:    

“The SEC is supposed to be an independent agency. Its own Canon of Ethics says that its members should ‘exhibit a spirit of firm independence,’ reject efforts by ‘the executive or legislative branches’ to influence them, and ‘not be swayed by partisan demands.’ Yet SEC Chair Paul Atkins acts as if the SEC is a mouthpiece for the Trump administration. 

“Perhaps most troubling, Chair Atkins makes no effort to hide the fact that he sees his job as furthering the administration’s goals. Whereas prior chairs touted the SEC’s independence from the White House, Chair Atkins has said he views the SEC as part of the executive branch. Indeed, he takes every opportunity to lavish praise on the administration.” 

Examples of Chair Atkins’s politicized orientation to the Trump administration include: 

• Chair Atkins “applaud[ed]” President Trump’s approach to crypto and launched “Project Crypto” at the SEC to participate in “aiding President Trump” in what Chair Atkins called his “historic efforts to make America the ‘crypto capital of the world.’” 

• Chair Atkins, two days after President Trump suggested on social media that public companies should be able to report their earnings semiannually instead of quarterly, went out of his way to “thank President Trump for his idea” and subsequently said that the president made a “timely call” and that he would “fast track” the proposal. 

• Chair Atkins said he was “delighted” by President Trump’s executive order to expose retail investors to the private markets and was considering a roundtable on the issue. 

Chair Atkins clearly views the SEC not as an independent policymaking body but as a partisan, political tool. Investors, the public, and the economy are likely to suffer as a result.  

The fact sheet is available online here.  

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.