Oct. 28, 2023
As a seasoned banker, I can't help but feel incensed at No. IA-6240; File No. S7-04-23. Specifically, I am outraged at the deluge of bureaucratic red tape it seems intent on introducing. The new rules requiring additional documentation and reporting procedures are particularly galling, considering many banking institutions are currently grappling with intensifying regulatory demands. These proposals represent yet another layer of cumbersome administrative tasks that drain precious resources away from more productive pursuits. It appears the SEC has lost sight of the fact that banks need to strike a delicate balance between meeting regulatory expectations and remaining profitable enough to continue serving clients effectively. This new set of standards will likely force us to divert critical personnel and funds away from other core functions, ultimately compromising service quality across the board. The irony here is that while this proposal ostensibly seeks to safeguard customer investments, it will almost certainly result in higher fees and lower yields as resources become increasingly strained. If the SEC truly values stability in our nation's banking system, they ought to reconsider imposing such unwarranted constraints on our operations.