Page 832

Congress should:

Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.”!

Repeal the Dodd—Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.”

Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRD; sustainability; diversity; business ethics; or commongood capitalism.

Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group.

SEC ADMINISTRATION

To enable it to achieve its core mission more effectively, the SEC should:

Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time

series data on these matters. Specifically, the SEC Division of Economic

and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and

other matters.

Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge.

Ensure that any three SEC Commissioners are empowered to place an item

on the agenda and to receive adequate staff support to do so even without the Chairman’s support.