Gary Gensler and the SEC Lose Again

null By The Editorial BoardNov. 1, 2023 6:28 pm ETReview and Outlook: Minnesota Congressman Dean Phillips fears President Biden could lose to Donald Trump, and he’s right. Images: Reuters/AFP/Getty Images Composite: Mark KellyIs Gary Gensler ever going to win a case? On Tuesday the Fifth Circuit Court of Appeals handed the Securities and Exchange Commission Chairman another legal defeat by scuttling the agency’s stock-buyback rule (U.S. Chamber of Commerce v. SEC.)The SEC in May finalized a rule requiring public companies to disclose their daily share repurchases and the reason for buying back their stock. Mr. Gensler claimed companies might buy back their stock to boost executive compensation, which is sometimes tied to accounting metrics such as earnings per share. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your article witha WSJ subscriptionSubscribe NowAlready a subscriber? Sign InSponsored OffersKohl's: Kohl's

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The Editorial Board

Nov. 1, 2023 6:28 pm ET

Review and Outlook: Minnesota Congressman Dean Phillips fears President Biden could lose to Donald Trump, and he’s right. Images: Reuters/AFP/Getty Images Composite: Mark Kelly

Is Gary Gensler ever going to win a case? On Tuesday the Fifth Circuit Court of Appeals handed the Securities and Exchange Commission Chairman another legal defeat by scuttling the agency’s stock-buyback rule (U.S. Chamber of Commerce v. SEC.)

The SEC in May finalized a rule requiring public companies to disclose their daily share repurchases and the reason for buying back their stock. Mr. Gensler claimed companies might buy back their stock to boost executive compensation, which is sometimes tied to accounting metrics such as earnings per share.