SEC Rule Lets Single Commissioner Wield Unchecked Power Over Wall Street
The SEC, led by President Donald Trump's appointees, has quietly passed a rule that allows a single commissioner to approve or reject federal financial regulations without any checks. This means a single handpicked regulator could wield complete power over Wall Street oversight.
This new quorum rule changes the requirement for how many commissioners must be present to approve related financial regulations. Up until now, at least three of the Commission's five members were needed to constitute a quorum. However, with the current vacancies, it is likely that a single commissioner will have the power to act unilaterally.
The SEC is poised to decide on major rules related to cryptocurrency, mega-public offerings, and other corporate accountability matters. This could lead to a situation where one person has complete control over these critical decisions, which could put the entire marketplace at risk of fraud and undermine market stability.