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WASHINGTON, D.C. -- Today, FreedomWorks Foundation submitted a formal comment to the Securities and Exchange Commission (SEC) against a proposed rule that would subject private equity to many of the same onerous requirements as public equity.
Adam Brandon, FreedomWorks President, commented:
“This latest SEC proposal represents another attempt from this administration to legislate through executive fiat. The Biden SEC is actively promoting Sen. Elizabeth Warren's agenda of blurring the lines between public and private companies in an attempt to bully private companies into adopting the Left's ‘woke’ ESG agenda and increase the power of the federal government at the expense of the free market. Simply put, the SEC should focus on protecting small investors; sophisticated private equity investors do not need the government’s protection.”
“If adopted as proposed, the SEC rule would divert private capital from funding innovative businesses to complying with government red tape. Ultimately, implementation of this rule would hurt American competitiveness and deprive the world of potentially game-changing innovations.”
You can read the full comment here.