WASHINGTON – Barbara Comstock, Executive Director of the American Consumer & Investor Institute, released the following statement today after a bipartisan majority in the U.S. House of Representatives voted to override President Biden’s veto of H.J. Res. 109, legislation introduced by U.S. Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) to overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).
“Today’s bipartisan vote to overturn SAB 121 demonstrates, once again, that even members of SEC Chairman Gary Gensler’s own party know his radical agenda has gone too far,” said American Consumer & Investor Institute Executive Director Barbara Comstock. “Gensler is racking up loss after loss in Congress and the Courts, proving that his illegal rulemaking-by-guidance and enforcement overreach are as unpopular as they are unlawful. Retail investors deserve an SEC Chair who promotes and protects their access to wealth building opportunities. Gensler’s misplaced priorities and record of failure make clear he is not up to the job.”
In May, both the House and Senate passed H.J. Res. 109. While today’s vote did not meet the two-thirds threshold required to override the veto, it reaffirmed bipartisan support for overturning SAB 121.
ACII Executive Director Barbara Comstock has also weighed in on Gensler’s recent series of legal losses here.