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News
December 14, 2015

Criticism of SEC In-House Court Fuels Reform Bill in Congress

Critics of the Securities and Exchange Commission’s in-house court system are “finding some sympathetic ears in Congress.”

Rep. Scott Garrett (R-NJ), chair of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, is sponsoring legislation “that would allow respondents in administrative proceedings to require the SEC to instead bring a civil action through the courts, and calls for ‘clear and convincing evidence’ of violations before proceedings begin.”

The U.S. Chamber says it is “cautiously optimistic” that the Garrett bill will come up for a vote early next year, saying the “commission is going to have to do something sooner rather than later.”

Read the full story here.

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