…and not rule of law, which our Constitution so strongly pushes. That’s what SEC Chairman Gary Gensler has decided to do.
The SEC announced this month that it will suspend enforcement of new rules issued under former Chairman Jay Clayton that subjected proxy advisory firms to the same anti-fraud rules as public companies and required them to disclose their business conflicts.
Just pick and choose the rules the Biden appointee deigns enforce. Don’t move first to change the rule, while enforcing it while it’s in force. Gensler Knows Better which rules are fit, and disdains the need for someone so awesome to submit his wishes to lesser masses who might impudently comment contrariwise to any change he deems necessary during such a rule change’s comment period.
Mr Gensler has directed SEC staff to consider revising the rules.
Give him a rule that better suits him. But he’ll still ignore the existing rule as beneath his dignity.
This is rule by law—which is another way of saying rule by men with the raw power to reign.