WASHINGTON (Pakistan Point News / Sputnik - 29th June, 2023) Congressional Republicans on Thursday sent a leter to Securities and Exchange Commission (SEC) chief Gary Gensler in which they criticized the agency's lack of disclosure in publicizing its interactions on matters related to climate action, among others issues.
Congressmen Patrick McHenry, Jim Jordan and James Comer said in the letter that Gensler had "failed to comply with Federal record keeping laws," citing his meetings with top US pensions and lobby groups, including the California Public Employees' Retirement System (calPERS), Better Markets and the Healthy Markets Association.
"(There are) disturbing questions regarding your own commitment to holding the SEC accountable to the same standards you seek to impose on the individuals and entities you regulate," the letter said. "The American public deserves a capital markets regulator that plays by its own rules, not one that acts above the law."
The lawmakers cited a SEC statement that said CalPERS staff had met with Gensler and his staff several times over the last two years to discuss climate-related disclosures.
"Yet our review of the Climate Proposal comment file as of the date of this letter shows only two meetings between you and CalPERS," the letter said.
In the case of Better Markets, the lawmakers said Gensler's public calendars show he had met with the group individually or together with others nine times since becoming SEC chairman in April 2021.
There had been eight meetings with the Healthy Markets Association either individually or with others, the letter said.
"Yet our review of the Climate Proposal comment file, and the four equity market structure rule proposal comment files as of the date of this letter, shows no record of any meetings between you and Better Markets or Healthy Markets in either of those files," the letter added.
