According to a Yahoo Finance article, the SEC will put equitable access for ordinary investors front and center at the White House on Friday.
According to the story, SEC Chairman Gary Gensler will emphasize the agency’s focus on transparency and low-cost market access at the White House Competition Council’s first meeting.
He’ll focus on the SEC’s investigation of brokers like Robinhood’s payment-for-order-flow business model. Last week, Gensler stated that a PFOF ban is “on the table,” causing Robinhood’s chief legal officer to denounce the proposed measure as “draconian” and ultimately destructive to individual investors.
The White House committee, which was formed in July, is part of Vice President Joe Biden’s effort to oppose corporate concentration and reignite competition. The anti-merger campaign is still in its early stages, and it relies on regulators to consider rule modifications that would increase competition.
Gensler’s transparency campaign has covered a wide range of topics, including Chinese equity listings, climate change, PFOF, SPACs, and cryptocurrency.
According to Yahoo Finance, new guidelines on climate risk disclosures could be implemented this fall as a result of Friday’s conference.
The SEC stopped all Chinese company IPOs in the United States in July, pending new disclosure standards on an esoteric corporate structure that Gensler worries retail investors are unfamiliar with. Similarly, in the crypto market, which he refers to as the “Wild West,” Gensler has argued for better investor protection.
“[Crypto] at the level and nature that if it’s going to have any importance five and ten years from now, it’ll be within a public policy framework,” Gensler told the Financial Times last week.
“Ultimately, finance is about trust.”