SEC Unveils New Proposed Reforms, Including Guidelines for “Woke” Corporate Disclosures

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Securities and Exchange Commission Chairman Gary Gensler unveiled an ambitious list of proposed reforms Friday including guidelines for “woke” corporate disclosures and rules to curtail the “gamification” of Wall Street as he embarks on his tenure as Wall Street’s top cop.

The SEC’s “Agency Rule List” released today includes 49 rulings that are in three stages – pre, mid or final – of being looked at by the full commission. The lengthy laundry list reflects Gensler’s publicly stated priorities for regulating both Wall Street and corporate America.

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Perhaps the most interesting – but not so surprising given Gensler’s progressive views – is that the rulings are in the form of non-traditional disclosures which would be appealing to left-wing politicians such as Sen. Elizabeth Warren, D-Mass.

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Two such proposed rules involve mandating corporate disclosures on issues such as climate change and corporate board diversity.

The list also includes a ruling that would possibly curtail what Gensler has called the ‘gamification’ of trading by discount brokers who offer incentives that Gensler said he believes entice first-time retail investors to essentially gamble their money in the stock market.

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Given the frenzy around the so-called meme stocks that have been trading wildly this year, there is genuine concern from a regulatory standpoint that small investors could lose all of their money. This could happen if the shares of stocks such as GameStop and AMC – both of which have risen more than 1000% this year alone – start to reflect more normal valuations.

www.foxbusiness.com/markets/sec-chief-readies-woke-rules-and-plan-to-curtail-markets-gamifcation

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