The House Financial Services Committee held a full committee markup to amend Dodd-Frank Title IV (Regulation of Advisers to Hedge Funds and Others) and Title IX (Investor Protections and Improvements to the Regulation of Securities). At the meeting, Chairman Hensarling advanced the following positions:
- Boards of Directors, Management and Shareholders should ultimately make the decision about which accounting firms should audit a company’s financial statements, not the PCAOB.
- Public companies should not have to necessarily compute, prepare and release information that is immaterial to most investors, does not further the SEC’s mission and ultimately hinders companies’ ability to hire and return profits to shareholders.
- There is no objective evidence that private equity caused or contributed to the financial crisis, but when looking at the number of private equity firms that have employed millions of Americans, that burden should be paid close attention to.
- The Department of Labor’s efforts to amend the definition of “fiduciary” under ERISA could ultimately hurt moderate-income Americans as they attempt to access financial advice and constrain their investment advisers, and ultimately could cost them more money.