Rep. Pete Sessions
WASHINGTON— In an exclusive interview with Texas Politics, U.S. Representative Pete Sessions (R) offered insight into ongoing discussions with the Securities and Exchange Commission (SEC) , focusing on past inaction and future reform regarding regulatory agencies.
The main discussion focused on the SEC and CFTC, as Congressional leaders press these agencies for more accountability and restraint.
Rep. Sessions revealed that Congress provided the SEC with over 100 unresolved cases spanning four years. These were raised as part of efforts to improve how investigations are handled and to avoid regulatory restrictions that impact markets.
"We are working with the SEC on how they will look at and want to look at investigations that they do," Sessions explained.
According to Sessions, up to 40% of startup costs go toward compliance-related filings and disclosures.
“We’ve got to streamline this, they know we need to” he said.
A central concern is that the Obama administration expanded the unchecked authority of SEC enforcement attorneys. In contrast, the Trump administration indicated it would revoke that rule, and Sessions supports its removal.
“If you’re going to charge a company, it’s okay to look at them,” Sessions said. “But once you make a public statement, they must be allowed to respond within three months.”
He argues that this would protect businesses from prolonged investigations and reputational harm without due process. He also emphasizes the need for greater transparency and balance, saying SEC staff often delays meetings with the accused for over 160 days.
Recent executive directives require agencies to repeal five regulations for every new one they implement. Congress is reviewing ways to scale back enforcement-based rules. Sessions said this approach could make capital markets more accessible and predictable.
"The president set a new standard, we agree with it. For every brand new rule, you've got to take five out," he said. "So we're reviewing those to see what would be taken out, dismissed, and make the marketplace more readily available.
As bipartisan concerns over federal enforcement grow, lawmakers like Sessions are calling for greater transparency across agencies. Congress is signaling that unchecked authority and delayed oversight are no longer acceptable.
As Sessions puts it, “The SEC’s on notice.”
Attorney General Ken Paxton filed a lawsuit against PowerSchool, a California- based provider of cloud…
In an op-ed for GoSanAngelo, Rep. August Pfluger (R) celebrated the passage of the One…
The National Republican Senatorial Committee (NRSC) is urging Rep. Wesley Hunt (R) and his supporters…
U.S. Rep. Ronny Jackson (R) has filed a lawsuit against California Gov. Gavin Newsom (D),…
Governor Greg Abbott (R) endorsed state Rep. Dustin Burrows (R) for re-election this week during…
U.S. Senators Ted Cruz (R) and John Cornyn (R) are leading the renewed effort to…