SEC Chairman opposes House bill on 21st Century Financial Innovation and Technology Act

Gary Gensler, the chairman of the US Securities and Exchange Commission, said on Wednesday that the "21st Century Financial Innovation and Technology Act" would harm the interests of investors, hinder the work of the SEC, and create new regulatory loopholes. It would also undermine decades of precedent regarding the supervision of investment contracts, exposing investors and capital markets to incalculable risks.