July 17, 2020
Discarding 45 years of transparency and taking a step backwards is an absolutely atrocious decision by the SEC. In 2018, your department estimated the costs of compliance for 13F filings at $31M. Now its estimated $113M - nearly 4x higher- and there is no detailed cost benefit analysis. A bit more transparency is needed - from you and the funds.
The departing SEC chairman should not be allowed this blatant abuse of power. The less information there is, the less efficient markets will become. Free markets operate best with full disclosure, not opacity.