Political Quotes

“Madam Chair, I rise in opposition to the amendment offered by the ranking member. This amendment is problematic on several fronts. First, it is an attempt to impose more onerous disclosure requirements on actors in the private markets than what exists in the public markets. Doing so would be unprecedented, even for an overzealous regulator. For decades, our security laws have intentionally featured vastly different disclosure requirements between our public markets and our private markets. This amendment would destroy that intentional distinction by mandating an unworkable disclosure regime on private funds that is more onerous than what is required of any public company. The public disclosure of the type of information required by this amendment could be weaponized by activists to name and shame market participants for pursuing an investment strategy that may not be politically favorable to the progressive left. This would be counterproductive and against the spirit of the securities laws, which are not intended to encourage investments in any one sector or type of business. The increased compliance costs resulting from this amendment would disproportionately hurt smaller emerging funds, advisers, and investment companies, many of which are minority owned, women owned, veteran owned, and rural. If Democrats are serious about wanting to help underserved communities thrive, they will oppose this amendment.…”