Jamie McGinnis Discusses 2023 SEC and DOL Rulemaking Expectations in Pensions & Investments
2022 proved exceptionally busy for both the Securities and Exchange Commission and Department of Labor; this year should be no different from a rule-making perspective. With Republicans now in control of the House, sources expect oversight of each agency to significantly ramp up.
Asset management counsel Jamie McGinnis told Pensions & Investments that, “congressional oversight will take up agency bandwidth, but it is unlikely to alter any outcomes.” At the SEC, "there are still three Democratic votes on the commission," he noted. However, "The chair, the commissioners (and) the division directors will be asked to be on the Hill with more frequency."
Of note, House Republicans in December also introduced a bill that would require the SEC to review every final rule it promulgates every three years after implementation. The bill is unlikely to become law in a divided Congress, but Jamie expects the SEC to finalize a lot of rules this year. "It's certainly been a flood of proposals in 2022," he said. "A handful of rules got adopted but I highly anticipate that balance will shift fairly significantly toward adoption" in 2023.