The House Financial Services Committee (“FSC”) examined the SEC's agenda, operations and fiscal year 2017 budget request at a hearing held on November 18th. FSC Chair Jeb Hensarling (R-TX) urged the SEC to (i) simplify the disclosure regime and stop requiring “political disclosure”, which "is not within the SEC's core competency"; and (ii) stop the DOL from enacting the fiduciary proposal. In her testimony, SEC Chair Mary Jo White outlined the SEC's recent activities and current initiatives as follows: the implementation of remaining congressional mandates and other significant rulemakings
News & Insights
The SEC introduced two new initiatives to monitor and address issues related to cybersecurity. In addition, SEC Chair Jay Clayton updated the Senate Banking Committee on the SEC response to the EDGAR system cyber breach.
The U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment conducted a hearing to discuss regulatory efforts to strengthen the U.S. equity market structure.
The House Science, Space and Technology Committee released an interim staff report on FDIC cybersecurity including the preliminary results of an investigation into numerous FDIC data breaches.
The Senate Committee on Banking, Housing and Urban Affairs conducted a hearing on President Obama's nominations for SEC Commissioners: Lisa M. Fairfax and Hester Maria Peirce.