The Revolving Door Project and Demand Progress Call On Lawmakers to Investigate Revolving Door’s Influence on SEC’s WeCompany Review

January 13, 2020

On January 13, the Revolving Door Project and the Demand Progress Education Fund called on the Chairs and Ranking Members of the House Financial Services and Senate Banking Committees to “open an investigation into the Securities and Exchange Commission’s review of WeCompany’s aborted Initial Public Offering (IPO) and the integrity of its investigation into potential securities fraud within that same company.” 

The letter highlights, “Former senior SEC officials have represented WeCompany in each of these two stages of SEC scrutiny —John White, former Director of the SEC’s Division of Corporation Finance in the first instance, and Andrew Ceresney, the Director of the SEC’s Division of Enforcement in the second — casting doubt on the integrity of the agency review process in both cases.”

“In the face of such doubts, it is impossible for the public to have full confidence in the SEC’s ability and willingness to safeguard securities markets. We ask that you work to restore that confidence by conducting a thorough investigation.”

Read the full contents of the letter here

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