Wall Street Pushback Threatens SEC Chair Gensler's Reform Agenda
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SEC Chair Gary Gensler's agenda to strengthen oversight and regulation of Wall Street is facing growing pushback and lawsuits from industry groups.
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The lawsuits threaten to undermine Gensler's reform plans and are landing as courts seem increasingly willing to limit agency authority.
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Financial firms argue Gensler's proposals lack justification and exceed the SEC's powers, while his allies say the reforms protect investors.
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So far 6 of 32 rules adopted under Gensler have been formally challenged, but lawsuits are expanding with new groups now suing.
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The threat of litigation seems to be influencing the SEC as it finalizes Gensler’s agenda, though some argue it shouldn't water down plans.