OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Rep. Keith Ellison Statement Opposing Encouraging Employee Ownership Act

Statement

Date: Feb. 3, 2016
Location: Washington, DC
Issues: Employment and Affirmative Action Finance and Banking

Rep. Keith Ellison released the following statement opposing the Encouraging Employee Ownership Act, which is a package of bills that would deregulate capital markets and undermine the Securities Exchange Commission:

"If we learned anything from the financial crisis, it is that we need to strengthen regulatory oversight over capital and financial markets, not weaken it. The Encouraging Employee Ownership Act would create unnecessary and burdensome requirements, and take valuable resources away from the Securities Exchange Commission that allow it do its job effectively.

"While I oppose the entire bill, I take specific issue with Title IV, known as Small Company Disclosure Simplification. This provision would force the Securities Exchange Commission to move from an interactive, searchable format to a paper-based system. Moving away from Extensible Business Reporting Language (XBRL) would be a huge step backward.

"XBRL is already in place and the SEC can provide access to corporate financial data faster, in more detail, and at a lower cost. We shouldn't be forcing one of our most important regulators back into a paper-based system, especially in 2016.

"We should protect investors and support the stability of our economy. The Encouraging Employee Ownership Act fails to do either of those things."


Source
arrow_upward