I recently co-authored a Law360 article on the upcoming change in U.S. presidential administration, including its impact on financial regulation generally and the SEC specifically. We addressed in the article both immediate transition matters, including timelines for new SEC leadership, as well as Biden-Harris administration priorities and their impact on financial regulation. And, we also included additional background on the agency review team focusing on the SEC and noted that the Consumer Financial Protection Bureau (CFPB) is subject of its own 10-person review team. This is a considerable investment of resources in the transition for a single agency, which suggests there may be a more prominent future role for the CFPB.
The incoming Biden-Harris administration has announced its priorities as part of its transition plans as follows: COVID-19, economic recovery, racial equity and climate change. Regardless of who is selected as SEC chair, the SEC under the Biden-Harris administration is expected to continue to emphasize the protection of retail investors and market integrity while giving greater weight to ESG matters.
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