Investors and the Markets First: Reforms to the SEC


June 25, 2024


The U.S. capital markets are the largest, deepest, and most liquid in the world. They power economic growth and prosperity due to the efforts of both the public and private sectors. American businesses fuel the markets through innovation and competition, supporting employment and retirement security.

Regulators can empower these endeavors through sound, tailored, informed, consistent, and transparent regulation that protects investors while promoting competition, innovation, and opportunity—thereby giving investors and other market participants confidence to participate and innovate.

During the past three years, the Securities and Exchange Commission (SEC) has not lived up to its role in maintaining the strength of our capital markets. The Managed Funds Association, the American Investment Council, the National Venture Capital Association, the Investment Company Institute, the Business Roundtable, and the U.S. Chamber of Commerce have witnessed a concerning shift in the SEC’s regulatory approach that threatens the resiliency of our capital markets and the financial well-being of American investors.

In collaboration, we released a white paper outlining significant concerns with the current SEC agenda. The paper explains how federal courts view lawsuits challenging certain regulations and presents recommendations for reforms that could enhance the agency’s approach to rulemaking.

Given the critical role of the SEC, it is time for much-needed reforms to preserve the public-private partnership that has been the hallmark of our successful capital markets. We call for reforms to protect and reinforce the SEC’s role as an impartial regulator of the markets.

In furtherance of this purpose, on behalf of various trade associations that represent different participants in the U.S. capital markets, the following white paper:

  • Identifies areas where the SEC’s current rulemaking agenda has deviated from regulatory process protections; and
  • Presents solutions to ensure that investors and the markets are always put first when the SEC considers regulatory reforms.

Investors and the Markets First: Reforms to the SEC