House Republicans Cite SEC ‘Mismanagement’ in Proxy Access Rule

The U.S. Securities and Exchange Commission should act “far more cautiously” when figuring out the costs and benefits of the rules it writes, senior House Republicans on the Financial Services Committee said in a letter to SEC Chairman Mary Schapiro.

Representatives Scott Garrett of New Jersey, Randy Neugebauer of Texas and Jeb Hensarling of Texas said in the letter dated today that last week’s rejection of the SEC’s so-called proxy access rule by the U.S. Court of Appeals in Washington “raises fundamental questions” about the regulator’s work. The lawmakers requested that the agency report what it spent on writing the rule and defending it in court.