Biden’s top financial cop faces showdown with Wall Street – POLITICO

The legal actions threaten to undermine the agenda of one of President Joe Biden’s most aggressive regulators and come as the agency tries to push out a number of measures before the November elections.

The Chamber of Commerce recently convinced a court to knock down a stock-buyback reporting rule — handing Gensler his first major defeat — and is targeting another regulation on shareholder advisers. Investors are looking to block game-changing private-fund reforms, with oral arguments set to begin Feb. 5. Hedge fund groups are challenging new disclosure rules. And business associations are threatening to go after more than a half-dozen other planned rules, including one of Gensler’s most ambitious proposals — a climate risk reporting mandate.

“It’s a minefield for the SEC,” said Kurt Gottschall, the former regional director of the agency’s Denver office who is now a partner at the law firm Haynes Boone. “The more ambitious the rulemaking, the more ambitious the pushback.”

Source: Biden’s top financial cop faces showdown with Wall Street – POLITICO