Congressman Flood Grills SEC Chairman Gensler on Accountability to Congress & SAB 121

WASHINGTON, D.C. – Yesterday, U.S. Congressman Mike Flood joined questioned Gary Gensler about key decisions he’s made in his time asChairman of the U.S. Securities and ExchangeCommission (SEC) and his failure to respond to letters from Congress.

“I am nowhere near one of the most senior Members of Congress in this room but let me remind you that everyone on this dais represents different parts of the United States of America” Congressman Flood said. “By ignoring our letters, you are effectively ignoring the American people. Make no mistake, we will hold you accountable.”  

“Chair Gensler’s tenure has been defined by recklessness, as his agenda runs roughshod over process, precedent, and the SEC’s statutory authority,” Chairman Patrick McHenry said. “From his destructive climate disclosure rule to his untested equity market structure overhaul to his regulation by enforcement of digital assets, Chair Gensler has weaponized the SEC to the detriment of American capital markets and our competitiveness.”

Congressman Flood is a member of the Financial Services Committee. Video of the remarks can be found by clicking here. The full letter can be found here.