March 24, 2025
“You also have important potential conflicts of potential interests thanks to your work in the name of business interests – and a long defense of weaker protections for investors and weaker rules to prevent reprehensible acts of giant companies.”
“You have been involved as a regulator or key advisor in the historical failures of the financial system, including as the SEC commissioner in the years preceding and during the 2008 financial crisis … You also pleaded for lower dry rules, including for Chinese accounting companies in the United States, in your business consulting firm”
Text of the letter (PDF)
Washington, DC – The American senator Elizabeth Warren (D-MASS.), Member of the Senate Banks, Housing and Urban Affairs Committee, wrote to the President of Securities and Exchange Commission (SEC) Paul Atkins before her appointment hearing, by pressing it on her regulatory failures before the 2008 financial crisis, her involvement in the bankrupt banks and the FSTONS and her conflicts and her conflicts and her conflict his conflicts. In addition, the letter presents a series of questions from Warren in classification for Atkins, including his opinions on the independence of the dry, the lifting of private capital, the problems of the structure of the market, cryptographic regulations and corporate governance. The member of the Warren ranking also sent to Mr. Atkins a letter asking him to mitigate his conflicts of financial interests by giving himself up on questions related to his corporate clients.
“The decisions you make as president will have significant long -term health implications for US trade and economic growth. Your decisions will also have important impacts on the lives of workers, because they are relying more and more on securities markets to save for retirement and achieve their financial objectives. ” wrote the classification member Warren.
The member of the Warren ranking noted his serious concerns concerning the file of Mr. Atkins. As the SEC commissioner leading to the 2008 financial crisis, he not only minimized the seriousness of the market problems that led to the crisis, but also voted in support of several measures which contributed to the financial crisis. In addition, due to its role as FTX advisor – the cryptocurrency platform founded by Sam Bankman Fried – in time led to his collapse, the classified member Warren asked Mr. Atkins to explain his knowledge of the mismanagement of the company.
The member of the Warren ranking also clearly indicated how the work of Mr. Atkins as a regulatory consultant well paid for major banks and financial companies poses a clear conflict of interest to be president of the SEC.
“Your financial links with the industries that you will soon raise serious concerns about your ability to avoid conflicts of interest as a regulator. wrote the classification member Warren.
Before Thursday’s hearing, The Warren ranking member concluded: “I ask you to come to your appointment audience prepared to answer questions from this letter and that you provide written answers so that the Senate – and the American people – can better understand how you plan to direct this critical agency.”
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