ICYMI: Senator Scott Questions SEC Chairman at Banking Committee Hearing
WASHINGTON – At this week’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, Senator Tim Scott (R-S.C.) questioned SEC Chairman Gary Gensler on the importance of ensuring access to the marketplace in order to achieve the American Dream.
Read excerpts of Senator Scott’s questions below:
On the importance of market accessibility … “It seems like we’ve been heading in the right direction for quite some time over the last 10 years or so. Some of the concerns I have, Chairman Gensler, is that what I’ve seen from a policy position from you so far seems [like it] may actually jeopardize that path to financial opportunity for the average American. …
“To the extent that we make it more affordable for the average person to invest in this marketplace, they have a chance to literally experience the American Dream—to exceed their wildest imaginations financially.”
On the Biden administration’s involvement in the marketplace … “Today… you have access to a market if you’re [a part of] rural America living in Saluda, South Carolina or inner-city Chicago. For the first time you have a chance to be in the marketplace. Under the Biden administration, those opportunities could vanish away so quickly, and that is painful as a kid who grew up in poverty who now has access to the market. …
“We have to trust Americans to make their own decisions on their own investments and not have a paternalistic regime helping protect Americans because they can’t figure it out for themselves. I’m concerned about that. My question for you is, what is your plan to ensure that the existing system—and the potential for innovation within that system—continues [in a way where] the average retail investor benefits from that and we don’t see ourselves going backwards [in a direction] that leads to higher trade costs so that fewer Americans are able to invest their hard-earned money in the way that they see fit.”
On preserving the American Dream … “[O]ne of the things I hope that we protect is the notion that the American Dream is accessible for all Americans. And when we have, within the administration, parts of the puzzle that could make it worse for the average person in our nation, I think we should pause and take a serious look at how the market works and how can we make it better.”