Page 840

ENDNOTES

H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https://

i

2

govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg88la. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “

pdf (accessed February 20, 2023). Remarks at the 2022 Cato

Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks

cato-summit-financial-regula

on-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S.

Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722

(accessed February 20, 2023);

comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related

Disclosures for Investors [File No. S7-10-2; Release No. 33-11042: RIN 3235-AM87],” June 17, 2022, https://www.

sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). Size would probably be measured best by public float or the number of beneficial owners.

See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February

13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf;

David R. Burton, “Offering and

Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting

Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercat

us Center at George Mason

University, 2016), pp. 277-315, httos://www.mercatus.org/research/books/reframing-financial-regulation

(accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Secu

Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017.

rities Reform to Increase Economic

See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/

BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management D submitted to the Subcommittee on Investor Protection, Entrepreneurship, on Financial Services, U.S. House of Representatives, December 6, 2022, h

meeting/house/115227/witnesses/HHRG-I17-BA16-Wstate-VollmerA-2022 2023); David R. Burton, “Reforming https:/Awww.heritage.o

=

Paper, January 2015, h uthor

• files/2017-02/1l_ProsperityUnleashed_Chapterl.pdf.

isclosures and Other SEC Issues,” and Capital Markets, Committee tos://www.congress.gow/117/ 208.pdf (accessed February 20,

NRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, g/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry

Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working ps://www.mercatus.org/research/working-papers/financial-industry-regulatory

a y-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, d. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/

Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-titlesa-node84-leafll4&num=O&edition=prelim (accessed

February 20, 2023). The board or commission should evaluate the regulatory functions of the

ational Securities Exchanges,

Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust

Company (DTC), the National Securities Clearing Corporation (NSCC) and

he Options Clearing Corporation

(OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This

board or commission should have a broad composition and permit minori Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, Apri

y reports.

Fair Board Recruitment Concerning Adopt Listing Rules Related

| 6, 2021 https://www.sec.gov/

comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023);

David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and

Has No Basis in Economics,”

Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office