Political Quotes

“we are about to hold a vote under the Congressional Review Act. The CRA was passed in 1994 to give Congress a 6-month window of 60 legislative days to review an Agency rule and, if Congress doesn't like that rule, 60 days to overturn it. However, our vote today is not a vote on a notice and comment rule. In fact, our vote today is on something that doesn't even have the force of law. Our vote today is on a Staff Accounting Bulletin issued by the SEC back in the spring of 2022. Now, the SEC has issued these bulletins--they are called SABs--for nearly 50 years without anyone ever suggesting that they were subject to the CRA. The CRA has a time limit for a reason--so that settled law is settled law, something that everyone can count on--and the CRA is limited to Agency rules so that a single Member of Congress can't tie up Agencies and Congress with expedited procedures under the CRA by raking over the details of every Agency action. Today's vote--coming more than 2 years after the SEC wrote the bulletin and applying to a staff bulletin rather than a rule--is far outside the scope of the CRA. We should not be holding this vote. All by itself, that is a good enough reason to vote no, but let's talk about the substance of this SAB for just a minute. The fairness of our markets depends on transparency. Investors in pension funds and 401(k)s and workers who are trying to save for retirement all have a right to know what they are investing in.…”