Wednesday, October 13, 2021

SEC Expands Investment Company Proxy Disclosures

New Light on Funds' Securities Lending versus Proxy Voting

Author: David Schwartz

On September 29, 2021, the Securities and Exchange Commission issued a proposal to expand investment company disclosures of their proxy voting activities. If adopted, the rules would enhance the information mutual funds, exchange-traded funds, and other regulated investment companies are required to report on Form N-PX under the Investment Company Act. These expanded disclosures are intended to make proxy voting decisions made by investment company advisers more complete, accessible, and understandable to investors. 

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Thursday, March 9, 2017

GOP Congressmen Warn the Fed to Freeze their Rules

Author: David Schwartz

On February 23, 2017 House Financial Services Committee Chairman Rep. Jeb Hensarling (R-TX) and 33 GOP members of the Committee sent a letter to Federal Reserve Chair Janet Yellen requesting that the Fed “neither propose nor adopt any new rules until the U.S. Senate confirms a [Federal Reserve] Vice Chairman for Supervision.”  The letter is in response to Congressional testimony that Yellen gave on February 15, 2017 where she indicated that the Fed might be finalizing a proposal that “pertains to the stress tests and what it called the Stress Capital Buffer.”  

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Tuesday, February 28, 2017

Is the US Poised to Break from Basel III?

Author: David Schwartz

In a letter dated January 31, 2017, Vice Chairman of the House Financial Services Committee Rep. Patrick McHenry (R-NC) called on Federal Reserve Chair Janet Yellen to cease negotiating "binding" international financial regulatory standards in such forums as the Financial Stability Board, the Basel Committee, and the International Association of Insurance Supervisors "until President Trump has had an opportunity to nominate and appoint officials that prioritize America's best interests.” 

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Thursday, January 19, 2017

Financial CHOICE Act to Take Center Stage

Author: David Schwartz

Republican control of Congress and the White House has put financial regulatory reform back on the legislative agenda. As an indication of Republicans' preliminary plans, the Financial CHOICE Act (H.R. 5983), proposes a regulatory capital “off-ramp” for banks which restrain their leverage and self-insure against losses. The centerpiece of the Financial CHOICE Act is the optional exemption from many Dodd-Frank regulations in exchange for higher capital reserves. The bill achieves this by creating a single leverage limit.

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Sunday, July 12, 2015

Reform Skeptic Rep. Hensarling to Hold Hearings on Dodd-Frank and the Power of the Fed

Author: David Schwartz

Long time financial reform skeptic and Dodd-Frank foe Jeb Hensarling (R-TX), chair of the  Financial Services Committee, will hold hearings on what he believes to be the Federal Reserve’s lack of transparency and accountability.  On Tuesday, July 14, 2015 at 10:00am EDT, the Oversight and Investigations Subcommittee will examine the Federal Reserve’s growing power since the passage of the Dodd-Frank Act as well as its lack of operational transparency and the absence of accountability to Congress.   

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