Unacceptable, Insufficient, and Embarrassing: Huizenga Torches SEC Chair Gary Gensler For Agency's Failure to Comply with Congressional Oversight
Washington, April 18, 2023
Today, Congressman Bill Huizenga (R-MI), Chairman of the Oversight and Investigations Subcommittee for the House Committee on Financial Services, delivered pointed questions to Securities and Exchange Commission (SEC) Chairman Gary Gensler during a hearing on Capitol Hill. Rep. Huizenga pressed Chair Gensler on the SEC’s lack of transparency, accountability, and overall failure to produce documents regarding the agency’s proposed climate rule as well as documents surrounding the SEC’s charges against former FTX CEO Sam Bankman-Fried. Excerpts of Congressman Huizenga’s exchange with Chair Gensler are available below.
Huizenga Hammers Chair Gensler for Failing to Send Requested Information Regarding the SEC Climate Rule and Instead Sends a Letter that Rep Huizenga Sent to Chair Gensler in 2021: In February, Chairman McHenry, Senator Scott, and I sent you in a request for documents and information on your climate disclosure rule. The fact is, other than a couple of emails that were private, you have produced only publicly available documents in response to that request. I am going highlight a couple of those. You sent us a copy of the public comment file on the rule. You sent us a copy of the rule itself, twice. You sent a copy of your testimony the last time you appeared before this committee. You sent us a copy of your public calendar. You sent us copies of public speeches, testimony, and press releases from you and your fellow commissioners. You sent us a copy of a public FSOC report from 2021.
SEC Chair Admits the agency is not a climate regulator … why is it proposing climate regulations? Under questioning from Congressman Huizenga, SEC Chairman Gensler admitted the SEC “is not a climate regulator.” Huizenga responds “amen to that” and continues to press Chairman Gensler on the SEC releasing the cost benefit analysis the agency used during the creation of its proposed climate rule. Chairman Gensler continues to stonewall congressional requests for these documents.
Huizenga closes his questioning by cautioning Chairman Gensler about hiding behind the Department of Justice and presses the SEC Chairman to turn over the requested documents surrounding SEC charges against former FTX CEO Sam Bankman-Fried to Congress.