Statement Regarding Amicus Brief Filing in Murray v. UBS Securities, LLC

In our view, the Commission’s process for deciding whether to join the Solicitor General’s amicus brief did not facilitate full and careful consideration of the recommendation.  Some context should be provided.  At the same time the Commission was asked to review the amicus brief, the Commissioners were asked to consider and provide feedback on two major rulemakings that will be considered at an open meeting to be held on July 12, 2023, which is one week from the date that the amicus brief was filed.

…. Together, these rulemakings amount to more than 500 pages.  In the case of the money market fund reforms, Commissioners have the obligation to consider public comments on the proposal, a process that is complicated by the highly technical and complex aspects of the matter being considered.

A robust deliberative process is an essential component of proper agency action.  Because the Commission has limited resources, it can engage in only so many robust deliberative processes at one time.  Therefore, the Commission cannot pursue every item on its wish list all at once, but instead it must prioritize.  It is not clear to us that such prioritization is taking place.

Source: SEC.gov | Statement Regarding Amicus Brief Filing in Murray v. UBS Securities, LLC