House Financial Services Subcommittee Examines Stock Exchanges

The House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets recently held a hearing to examine the current state and role of stock exchanges. The hearing focused on topics such as access to market data, anti-money laundering policies, and competition among exchanges, among other issues. One witness, former acting SEC Chair Michael Piwowar, noted frustration with the Commission’s brief comment period deadlines as well as with the multiple rule proposal releases as of late. He stated when he served on the Commission, he preferred 90-day comment periods, noting it hurts everyday Americans that do not have time to read through these huge rule proposals. He added that special interest groups are able to hire lawyers to wade through the lengthy proposals. Republicans on the Committee agreed with Piwowar’s assessment and have been vocal about the SEC’s rate of proposed rule releases as well as the shorter comment periods. Ranking Member Patrick McHenry (R-NC) as well as Representatives Bryan Steil (R-WI) and Bill Huizenga (R-MI) sent letters to the SEC noting their concerns with shorter comment periods.