July 14, 2020
Dear Chairman Clayton:
In a time when the broader society is recognizing the insidious effects of gaping economic inequality and increasing returns to capital and exploring policy tools to curb such a vicious cycle, the SEC's proposed rule does the opposite. It shields all but the largest public investors from scrutiny. It harms individual investors like myself.
If the intent is to bolster the performance of public market investors vis-a-vis private market investors such as private equity and venture capital, the solution should be to regulate the private markets, not to deregulate the public markets.