It's kind of shocking, when it comes to how irresponsible it is. It's emblematic of a desire to, essentially, increase corporate power.
See this page in the PDF
Securities and Exchange Commission and Related Agencies
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FINANCIAL REGULATORY AGENCIES
SECURITIES AND EXCHANGE COMMISSION AND RELATED AGENCIES David R. Burton he primary purposes of the laws and regulations governing capital markets and of capital market regulators are to deter and punish fraud and other material misstatements to investors; foster reasonable, scaled disclosure of information that is material to investors’ financial outcomes and proxy voting decisions; and maintain fair, orderly, and efficient secondary capital markets.
The Securities Act of 1933' and the Securities Exchange Act of 1934? reflect nearly nine decades of rushed and haphazard amendments. The securities laws are now extremely complex and do not constitute a coherent, rational regulatory regime. For example, the current SEC has proposed a climate change reporting rule that would quadruple the costs of being a public company.’ This would have a substantial adverse impact on existing companies. Over time, it would also substantially reduce the number of public companies and therefore the number of investing options available to ordinary Americans. The Securities and Exchange Commission (SEC) should be reducing impediments to capital formation, not radically increasing them.
The SEC and Congress should fundamentally reform the securities laws governing issuers, broker-dealers, exchanges, and other market participants. Among other things, they should establish a simplified and rationalized securities disclosure system with: