CFA sent a letter to members of the Senate Banking Committee, voicing strong support for S.4857, the Private Markets Transparency and Accountability Act.

In the letter, Micah Hauptman, CFA’s Director of Investor Protection, and Dylan Bruce, Financial Services Counsel, wrote that “Congress and the SEC have for too long encouraged the excessive growth of private securities markets at the expense of the health and vitality of our public securities markets. This has resulted in less information for investors and less accountability for corporate wrongdoing.”

They emphasized that this legislation would help to restore a more appropriate balance between our public and private capital markets because the legislation “would ensure that ‘unicorns’ with large and dispersed shareholder bases and other large systemic footprints in our national economy do not operate in the dark forever.” Moreover, they wrote that the bill “would provide necessary information about business practices and financial performance to employees, investors, and our capital markets, thereby allowing better informed capital allocation decisions and enhanced investor protections.”