WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy, issued the following statement in connection with Better Markets’ new Fact Sheet, “Working-Class Americans Elected President Trump, and His New SEC Chair Must Take Action to Protect Them”:
“Last summer, at the Republican National Convention, Vice President-elect JD Vance said that his party was done ‘catering to Wall Street’ and would instead ‘commit to the working man.’ Yet the prevailing view is that the nomination of Paul Atkins to head the Securities and Exchange Commission (SEC) will be a boon to Wall Street. That’s because Atkins has long advocated for deregulation, which often comes at the expense of the ordinary retail investor.
“So the question is whether, under President Trump, the SEC will favor Wall Street or the ‘working man’ and retail investors. Unsurprisingly, the messaging around Atkins’s nomination has not focused on his pro-Wall Street views. In nominating him, President Trump said that Atkins ‘is a proven leader for common sense regulations.’
“If that’s true, our new fact sheet details five common sense regulatory actions, and one enforcement initiative, that the SEC should take in 2025 to benefit retail investors. The SEC should adopt a rule that says crypto assets that qualify as securities are subject to the same antifraud rules as other securities; should not approve private credit ETFs unless they contain sufficient investor protection measures; should not allow stock exchanges to operate around the clock; should adopt a rule that prevents financial firms from using artificial intelligence to harm investors; should require brokers to try to obtain the best prices for their customers; and should prioritize individual liability in its enforcement actions.
“The Trump administration campaigned on a pro-Main Street, pro-worker, pro-investor message, not a pro-Wall Street message. Few agencies are better positioned to turn that rhetoric into reality than the SEC. Time will tell whether the SEC will favor retail investors, and whether there will be a match between the new administration’s words and deeds.”
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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.
