{"id":1719095,"date":"2022-11-01T06:13:02","date_gmt":"2022-11-01T10:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1719095"},"modified":"2022-11-01T06:18:38","modified_gmt":"2022-11-01T10:18:38","slug":"staff-at-bidens-top-financial-regulator-keep-quitting-and-republicans-want-to-know-why","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/staff-at-bidens-top-financial-regulator-keep-quitting-and-republicans-want-to-know-why\/","title":{"rendered":"Staff At Biden\u2019s Top Financial Regulator Keep Quitting, and Republicans Want to Know Why"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstaff-at-bidens-top-financial-regulator-keep-quitting-and-republicans-want-to-know-why%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1719095&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/10\/GettyImages-1238709242-scaled.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>As staff at the <a href=\"https:\/\/www.dailywire.com\/topic\/securities-and-exchange-commission\" target=\"_blank\" rel=\"noopener\">Securities and Exchange Commission<\/a> depart at elevated levels amid a surge in rulemaking, Republican lawmakers are pressing SEC Chair Gary Gensler for an explanation.<\/p>\n<p>Under the <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Biden administration<\/a>, the regulatory agency is pursuing new rule changes at a much faster pace than in past years, with a proposal to <a href=\"https:\/\/www.dailywire.com\/news\/behind-the-scenes-most-executives-actually-hate-woke-investing-survey\" target=\"_blank\" rel=\"noopener\">force climate disclosures<\/a> among the most controversial. A private letter to Gensler from six Republicans on the Senate Banking Committee claims that he has adopted an overly antagonistic posture toward the financial industry.<\/p>\n<p>The letter, dated Oct. 27, concludes that \u201cefforts to ram through hurried rulemaking without proper analysis, deliberation or consideration of downstream negative impacts is nothing short of regulatory malpractice,\u201d according to a <a href=\"https:\/\/www.reuters.com\/world\/us\/senate-republicans-want-sec-explain-why-staff-are-quitting-2022-10-30\/\" target=\"_blank\" rel=\"noopener\">report<\/a> from Reuters, which obtained a copy of the letter.<\/p>\n<p>The Republicans asked Gensler to explain how he would respond to their concerns.<\/p>\n<p>Roughly 20.8% of employees in senior positions departed the agency in the last fiscal year, marking the highest attrition in nearly a decade, according to a <a href=\"https:\/\/www.sec.gov\/files\/inspector-generals-statement-sec-mgmt-and-perf-challenges-october-2022.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> from the SEC\u2019s Office of Inspector General published earlier this month. Turnover reached 8.4% among attorneys and 7.0% among economists. The document cited \u201cstiff competition from the private sector as increased wages and workforce engagement make private sector positions attractive to both new and seasoned professionals.\u201d<\/p>\n<p>The SEC takes significantly longer than the private sector to hire new workers, according to the report. An audit of the agency\u2019s hiring process found that almost half of the analyzed hiring actions took more than 100 business days to complete, which is more than twice the average in the private sector. Beyond new advertising and branding campaigns, the SEC suggested that robust internal employee development could reduce attrition.<\/p>\n<p>President Joe Biden is pursuing a \u201cwhole-of-government approach to put climate change at the center of our domestic, national security, and foreign policy,\u201d according to a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/01\/27\/remarks-by-president-biden-before-signing-executive-actions-on-tackling-climate-change-creating-jobs-and-restoring-scientific-integrity\/#:~:text=It%27s%20a%20whole%2Dof%2Dgovernment,We%27re%20bold.\" target=\"_blank\" rel=\"noopener\">speech<\/a> he delivered days after his inauguration. Among other proposals, the SEC has <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-46\" target=\"_blank\" rel=\"noopener\">suggested<\/a> forcing companies to report the material impact climate change presents to operations, the impact of \u201cclimate-related events\u201d such as severe weather on transaction activities, and risk management processes used to mitigate climate risk.<\/p>\n<p>However, a <a href=\"https:\/\/www.dailywire.com\/news\/behind-the-scenes-most-executives-actually-hate-woke-investing-survey\" target=\"_blank\" rel=\"noopener\">survey<\/a> conducted by CNBC shows that 55% of financial managers are opposed to the rule, while 35% are \u201cstrongly\u201d opposed. Within the sample of 21 executives were multiple chief financial officers at Fortune 500 companies.<\/p>\n<p>Other agencies have similarly been pursuing <a href=\"https:\/\/www.dailywire.com\/news\/key-treasury-dept-office-taps-new-climate-czar-to-push-wokeness-on-banks\" target=\"_blank\" rel=\"noopener\">increased climate scrutiny<\/a> of the private sector. The Treasury Department\u2019s Office of the Comptroller of the Currency recently announced that Yue Chen would serve as chief climate risk officer, leading environmental risk efforts related to \u201csupervision, policy, and external engagement.\u201d<\/p>\n<p>The Federal Reserve, which is separate from the federal government and charged with ensuring monetary stability, plans to <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-will-evaluate-climate-related-financial-risks-with-help-from-bidens-new-climate-officer\" target=\"_blank\" rel=\"noopener\">work alongside<\/a> the Office of the Comptroller of the Currency to \u201cprovide guidance to large banks on how we expect them to identify, measure, monitor, and manage the financial risks of climate change,\u201d according to a speech delivered by Federal Reserve Board of Governors member and Vice Chair for Supervision Michael Barr.<\/p>\n<p>\u201cAs our nation, and the world, grapple with how to respond to climate change, banks are increasingly focused on the risks that climate change brings to their balance sheets,\u201d Barr said. \u201cThe Federal Reserve is working to understand how climate change may pose risks to individual banks and to the financial system. The Federal Reserve\u2019s mandate in this area is important, but narrow, focused on our supervisory responsibilities and our role in promoting a safe and stable financial system.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As staff at the Securities and Exchange Commission depart at elevated levels amid a surge in rulemaking, Republican lawmakers are pressing SEC Chair Gary Gensler for an explanation.Under the Biden<\/p>\n","protected":false},"author":1,"featured_media":1718204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1719095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1719095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1719095"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1719095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1718204"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1719095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1719095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1719095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}