If you still harbored any doubt that SEC Chairman Mary Jo White sees a major part of her job as defending the rich and powerful, the letter below should end it. Three former SEC commissioners, two of them ex-chairmen, wrote White to urge her to move forward on rulemaking to require public companies to disclose their political spending. During the comment period, this issue elicited 1.2 million letters, a remarkable level (see here for more background on the effort to get this rule implemented). Yet White continues to stonewalling on an issue of great public interest and importance.
I urge you to read the letter in full. It’s short and well done. From its close:
The Commission’s inaction is inexplicable. Its failure to act offends not only us, who are alumni of this agency struggling to retain our deep pride of association, but investors and the professionals who serve them. And it flies in the face of the primary mission of the Commission, which has since 1934 been the protection of investors. To use a metaphor, mandatory disclosure of corporate political activities should be a “slam dunk” for the Commission