Abolish the Securities and Exchange Commission
Despite its enormous budget and vast regulatory powers, the agency has failed to detect major frauds while wasting time and money on relatively useless disclosures.
Reason cites CEI’s expert on the magnitude of SEC compliance costs
Besides, the costs of SEC compliance are staggering. Looking at the climate disclosure rule alone, Stone Washington of the Competitive Enterprise Institute writes, “Under the SEC’s own calculations, the average firm will pay an extra $864,000 for the mandated disclosures, though some analysts believe the actual cost will be higher. Firms will also be forced to hire lawyers, accountants, and ESG experts to contend with the rule’s estimated 39 million additional hours of paperwork.”
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