Rep. Budd Urges SEC Chairman to Reform Disclosure Regulations
Washington, D.C.- U.S. Representative Ted Budd (NC-13) released the following statement after sending a letter to the Securities and Exchange Commission Chairman Jay Clayton calling for disclosure frequency reform:
"The current financial disclosure regime public companies face has negatively impacted the competitiveness of American companies in the global marketplace. While the UK, Australia, and many European countries have right-sized public disclosure frequency to allow for greater participation, the United States’ reluctance to adopt similar global efficiency standards has contributed to companies seeking out alternatives for raising capital. U.S. companies are currently faced with frequent reporting requirements which results in managers prioritizing short term decision as opposed to long-term strategic considerations. Reforming disclosure frequency would allow companies to shift resources toward long term capital and value formation, instead of overbearing regulatory compliance. I sincerely want to thank my 26 colleagues who joined me in this effort.”
View the letter text HERE.