SEC Chair Mary Jo White testified before the House Financial Services Committee and defended the Commission’s recent rulemakings and enforcement actions against attacks from both sides of the aisle. Ms. White pointed to rulemakings within the last eight months on OTC derivatives, small-business access to capital, and executive-compensation disclosures as evidence of the SEC’s progress in fulfilling many of its mandates, as well as reporting significant progress on asset management, market structure, and disclosure effectiveness. When questioned about rulemaking delays, she noted that the Commission simply does not have the necessary personnel to perform its work both at an acceptable level and in a timely manner. She refused to provide any timeline for an SEC fiduciary-duty rule.
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