Republican links IRS scandal to SEC’s corporate disclosure proposal

The SEC announced late last year that it is considering whether to propose the disclosure requirements, sought by activist investors, unions some Democrats and a coalition of consumer advocate groups who have flooded the agency with half a million comments urging the agency to move forward.

Business groups and many congressional Republicans say the SEC has neither the authority nor the expertise to tackle campaign finance reform, which is traditionally the jurisdiction of the Federal Election Commission. Foes of the proposal say it is a clear effort to drive business groups out of the political arena.

White is seen as having the deciding vote on whether to move forward with proposed rule.

The disclosure proposal got some support from Democrats on the Financial Services panel, including Rep. Brad Sherman of California, who urged White to move forward.

But GOP members argued that the agency has too much statutorily required work to implement the Dodd-Frank Act and other measures to waste precious resources on a discretionary project.

“I think we can all agree, the SEC should remain focused on its core mission,” said Rep. Scott Garrett (R-N.J.).

Garrett pressed White on the disclosure rule, asking for a commitment that she would formally remove the item from the agency’s regulatory agenda.

White declined, saying the SEC was in the process of reviewing the comments.

“I can’t pre-judge the issue until I am the beneficiary of that analysis.”