Columbus, OH – On Thursday, The Buckeye Institute took a stand against the Securities and Exchange Commission (SEC) by filing an amicus brief in Alliance for Fair Board Recruitment v. Securities and Exchange Commission. The organization is urging the U.S. Fifth Circuit Court of Appeals to bar the SEC from compelling publicly traded companies to adhere to arbitrary racial and gender quotas.
Director of litigation at The Buckeye Institute, David C. Tryon, emphasized the importance of the Securities Exchange Acts in a statement, saying, "The Securities Exchange Acts are designed to ensure that investors have adequate information to make good financial investment decisions." Tryon also highlighted the role of the SEC, stating, "And the SEC exists to implement those duly enacted laws, not to impose the morality of those running the agency at any given time."
In its amicus brief, The Buckeye Institute contends that the SEC's requirement for all publicly traded companies to assign two board seats based on race or gender identity exceeds the authority granted by Congress. The organization is advocating for a limitation on the SEC's power to enforce such mandates.