If Sen. Elizabeth Warren , D-Mass., (aka “Fauxcahontas”) gets her way, the Security and Exchange Commission will help her prohibit organizations from “saying whatever they want about Washington policy debates.”
In short, she wants to ban free speech and she wants the SEC to help in that effort.
The Federalist reported:
Warren sent a letter to SEC Chairwoman Mary Jo White calling for an investigation into alleged discrepancies between statements insurance executives made to their investors and complaints these same individuals made about the impact new government regulations would have on their businesses, The Wall Street Journal reports.
The new regulations stem from a Department of Labor rule change that will make it tougher for investment firms that handle retirement funds to operate.
In the letter, Warren alleges that she’s concerned discrepancies in their statements will harm investors. She even called out the individuals and their companies by name and asked for a “prompt and thorough” investigation into their statements, but stopped short of declaring that they violated federal laws.
Her letter says, in part:
Corporate interests have become accustomed to saying whatever they want about Washington policy debates, with little accountability when their predictions prove to be inaccurate. But the information we have obtained raises questions about how, in this specific case, the companies could have knowingly provided such dramatically different public statements about the impact of the DOL Conflict of Interest Rule-in one example, saying almost simultaneously that the rule would be unworkable and that the rule would not be a significant hurdle -without misleading investors.
The Federalist added:
Rather than an attempt to make financial statements more open and transparent, however, Warren’s letter appears to be an attempt to gin up trial lawyer lawsuits against the firms she named. An official SEC investigation would inevitably make discovery easier and less expensive for plaintiffs’ attorneys seeking to make a buck by targeting deep-pocketed firms and bullying them into settling. An investigation, regardless of whether it was warranted, could also give rise to myriad civil suits.
The Federalist also observed that Warren has spoken out against the Citizens United Supreme Court ruling that supports free political speech by organizations.
Now she seems to want the SEC to clamp down on those rights…
Naturally. She’s a Democrat — what else can one expect?
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