Political Quotes

“What my amendment does is prohibits the use of funds to finalize, implement, or enforce a proposed rule titled: ``Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers.'' On July 26, 2023, the SEC proposed a new rule that requires broker- dealers and investment advisers to confront challenges posed by predictive data analytics and related technologies like artificial intelligence. They did this despite no evidence that this technology harms investors. While technological innovation has significantly enhanced the financial industry's capabilities in auditing, reporting, recordkeeping, trading, and surveillance, the SEC's proposed rule, despite claiming to be technology-neutral, appears to be fundamentally hostile to these advancements. This rule creates a comprehensive regulatory regime governing any analytical or computational tool whereby information potentially relevant to investments is presented to the public. This misguided, paternalistic rule declares it is a ``conflict of interest'' for a firm to communicate to customers any information generated using technology that so much as ``takes into consideration'' any interest of the firm. Mr. Chairman, I reserve the balance of my time.”