Replace securities laws with three-tier private/intermediate/public disclosure system
Mandate says SEC and Congress should fundamentally reform issuer/broker/exchange laws into three firm categories—private, intermediate smaller firms, and public—with scaled disclosure and specified secondary markets for each.
Mandate
Mandate Ch. 27 (Financial Regulatory Agencies) — SEC and Related Agencies: SEC and Congress should fundamentally reform securities laws governing issuers, broker–dealers, exchanges, and other market participants; establish a simplified and rationalized securities disclosure system with three basic categories of firm (private, intermediate smaller firms, and public), reasonable scaled disclosure requirements, and specified secondary markets for these firms’ securities.
Undo plan
1) Reject wholesale rewrite that collapses investor protections into three coarse buckets without empirical investor-harm analysis.
2) Keep public-company disclosure regime under Securities Act/Exchange Act; pursue incremental scaling for EGCs/smaller reporting companies instead.
3) Require notice-and-comment economic analysis before creating new intermediate secondary markets.
4) Preserve antifraud and material-misstatement liability across all tiers.
5) Verify: number of public companies; retail investor access metrics; IPO/disclosure cost studies.