May. 09, 2022
May 9, 2022
I hereby propose the following economic law: Any regulatory organ will inevitably expand its mandate beyond that which was originally intended.
Thus the S.E.C., which was created to protect investors from fraud, will inexorably search out new avenues for the organization to exist, including in this case, an attempt to become an environmental agency.
It seems to me that if the Congress wants companies to act in certain ways regarding greenhouse gas emissions, the said Congress should write laws that require companies to do so. It makes no sense that the S.E.C. stray into such an area, so far from its mandate that it needs a telescope to see it.
The S.E.C. has enough on its hands safeguarding investors interests, what with the boom and busts of shady SPACs and their phantasmagorical financial projections, the lack of attention to OTC securities and the promised expert market, and the run-of-the-mill financial shenanigans that have swindled ordinary investors. Protecting investors is a worthy goal, and not an easy task. Please dont make mockery of your institution and its mandate by pretending that you have investor protection so in hand that its time to focus on more frivolous matters.