Republican Senators Request Information on Economic Impact of SEC Rulemakings on Small Business
Senate Banking Committee Ranking Member Tim Scott (R-SC) requested information on the impact of SEC rulemakings on climate-related disclosures and private funds for small and emerging businesses.
In a letter addressed to SEC Chair Gary Gensler, Mr. Scott and fellow Republican Senators criticized the SEC as a "sprawling rule-making agency" under Mr. Gensler’s leadership. They asserted that the SEC has (i) burdened small businesses, and (ii) failed to address its own impact on capital formation and competition. The Senators asked that Mr. Gensler submit by June 7, 2023:
- all analyses and records on the economic impact that the proposals on (i) "The Enhancement and Standardization of Climate-Related Disclosures for Investors" (see previous coverage) and (ii) "Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews" (see previous coverage) have had on small and emerging businesses; and
- a chart detailing (i) each rule proposed by the SEC since January 2021 and (ii) the approximate dollar amount of the economic impact of each proposal on small and emerging businesses.
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