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Warren Backs SEC’s Tougher SPAC Plan to Curb ‘Scams and Fraud’

  • Senator’s letter to Gensler supports agency’s proposed rules
  • Warren and other Senate Democrats had probed industry kingpins
Gary Gensler and Elizabeth Warren
Gary Gensler and Elizabeth WarrenPhotographer: Bill Clark/CQ Roll Call/Bloomberg

Elizabeth Warren is coming out in support of the US Securities and Exchange Commission’s proposed rules to regulate blank-check companies, urging more protections for individual investors who can fall prey to Wall Street. 

In a letter to SEC Chair Gary Gensler on Friday, the Massachusetts senator said she backed the agency’s proposals for special purpose acquisition companies, or SPACs, “which will level the playing field for retail investors and prevent Wall Street insiders from perpetuating scams and fraud to line their own pockets.”