Earlier this week, Republican members of the House Committee on Financial Services sent this letter to the SEC asking that it retract a total of 14 adopted – and proposed – rules. Among this list are two that Corp Fin ushered through the rulemaking process over the past few years: the cybersecurity disclosure rules and the pay-vs-performance rules. Interesting, the SEC’s climate disclosure rules are not on the list even though the SEC recently dropped its defense of them in the courts.
Under the Administrative Procedures Act, a federal agency withdraws an adopted rule essentially the same way that it adopts a rule – through a public notice and comment period (unless an exception applies).
Nominated Chair Paul Atkins testified in Congress last week and I imagine he will be confirmed soon. It will be interesting to see if the SEC will embark on retracting such a long list of rulemaking.
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