To: President Donald Trump

Let’s Have Some Backbone at the SEC

The Securities and Exchange Commission has a crucial role to play in restraining Wall Street recklessness and standing up for investors and the integrity of the financial markets. Unfortunately, it has not been doing its job very well. One big reason: a habit of nominating “revolving door” corporate and Wall Street insiders to serve as SEC Commissioners.

With two vacancies coming up, we urge you to find nominees who will stand up for Main Street instead of Wall Street. Too many past SEC commissioners have proved to be overly protective of the short-term interests of the financial industry. We need commissioners with a track record of opposition to Wall Street excess and support for tough rules and enforcement.

Why is this important?

The SEC is one of the financial watchdogs that was too often asleep at the switch in the years leading up to the disaster of 2008-09. It needed an injection of backbone then, and, sadly, it still does.

The President will be announcing new nominees soon. Please join us in urging the White House to steer clear of “revolving door” corporate and Wall Street insiders, and find nominees who will help the SEC become the tough and effective rule-writer and watchdog that we need.