The Securities and Exchange Commission certainly got off to a running start seeking to undo everything that had come to pass under the Trump presidency. In this it was helped enormously by the laziness or incompetence that characterized most members of that administration, including new SEC chief Gary Gensler’s predecessor, Jay Clayton. (Great hire, Apollo! Good thing he doesn't have too much to do.) As for those rules and (de)regulations that were somehow—accidentally, we imagine, and certainly belatedly—properly and lawfully adopted, the new SEC’s got a different strategy: Ignore ’em.
The SEC said “it will not recommend enforcement action” based on the agency’s 2019 guidance for proxy advisers and the 2020 rules, now that the commission “is considering further regulatory action in this area”…. Dennis Kelleher, president of the advocacy group Better Markets, said: “The actions by Trump’s SEC were wrong and likely illegal. Given that the SEC exists to protect investors, not incumbent management, today’s actions properly begin the process to restore investors’ rights and re-empower investors.”
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