SEC: Congress Has Tied Our Hands on Spending Disclosure Rule
In May 2014, Stephen Silberstein asked the U.S. Securities and Exchange Commission for a rule requiring corporations to disclose their political spending.
Nearly two years later, the activist investor was still waiting for a response. So in February, he petitioned for a court order to light a fire under the SEC and force an answer out of the agency.
Pushing back against that petition Monday, the SEC said it cannot grant or deny Silberstein’s request for a rule because Congress has tied the agency’s hands.
The SEC’s filing can be found here.
Responding to the SEC’s filing on Monday, Weismann said the agency glossed over the fact that it refused to respond to Silberstein in previous fiscal years.
“So now they have a convenient excuse, which is, ‘Congress won’t let us.’ And you can see in the brief that they’re wrapping themselves in that excuse,” Weismann said.
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