Discussion Highlights Risks Posed by SEC’s Controversial Predictive Data Analytics Rule
WASHINGTON – On Thursday, April 18, 2024, The American Consumer & Investor Institute hosted an event on Capitol Hill to discuss Regulating AI in Financial Services, with a focus on the U.S. Securities and Exchange Commission’s (SEC) proposed predictive data analytics rule. The event included remarks from U.S. Senator Mike Rounds (R-SD), a member of the Senate Banking Committee; a one-on-one conversation with U.S. Congressman Warren Davidson (R-OH), a member of the House Financial Services Committee; and a panel discussion with ACII Executive Director Barbara Comstock, former SEC Commissioner Paul Atkins, and former Director of the SEC’s Division of Investment Management Dalia Blass.
“New tools and technological innovations have made it easier and more affordable for a record number of Americans to participate in the stock market,” said American Consumer & Investor Institute Executive Director Barbara Comstock. “Unfortunately, SEC Chairman Gary Gensler, who made his own fortune on Wall Street, is exploiting hypothetical risks about the use of AI as an excuse to crack down on retail investing. It is clear from our discussion that the SEC’s proposed predictive data analytics rule is unnecessary, unworkable, and poses a significant threat to retail investors. It is part of a broader pattern of overreach at Gensler’s SEC that will weaken U.S. capital markets and make it harder for Americans to grow their wealth. Chairman Gensler should seriously consider the extensive, bipartisan pushback his regulatory agenda has received and change course.”
Videos from the ACII Event:
Remarks By U.S. Senator Mike Rounds
One-on-One Conversation With U.S. Congressman Warren Davidson
Panel discussion with ACII Executive Director Barbara Comstock, former SEC Commissioner Paul Atkins, and former Director of the SEC’s Division of Investment Management Dalia Blass
Additional Background on the Predictive Data Analytics Rule:
- New Analysis Finds Main Street Investors Could Miss Out On Nearly $1.5 Billion In Stock Returns Under SEC’s Proposed Predictive Data Analytics Rule
- SEC’s Predictive Data Analytics Proposal Would Eliminate Access to Tools That Millions of Americans Rely On to Invest & Secure Their Financial Future
- ACII Executive Director Barbara Comstock & Former U.S. Attorney General Bill Barr in the Wall Street Journal: “Gary Gensler’s Plan to Control Information”