WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today in a heated exchange pressed U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on his overregulation stifling the American economy and his incredulous argument that increasing regulatory costs will promote innovation and competition.
“Increased regulatory cost promotes greater competition in the sophisticated market? I don’t buy that one bit… This is damaging to the marketplace. I’ve been on the other side of the table. Small companies that need to access capital to grow are going to be deprived of that capital because of this type of overreach,” Hagerty said.