backOn February 11 and 12, 2026, SEC Chairman Paul Atkins testified before the U.S. House Financial Services Committee and the U.S. Senate Committee on Banking, Housing, and Urban Affairs, respectively. In his prepared remarks, which were substantially the same before each committee, Atkins emphasized the SEC’s goal of reducing costs for Americans, characterizing the SEC’s disclosure regime as “diverting” $2.7 billion annually “from your constituents to corporate lawyers, accountants, and consultants.” Atkins called corporate disclosure “vital” but said that the SEC “must modernize, rationalize, and streamline reports” to be meaningful and accessible to investors.
Chairman Atkins also expressed confidence in continued collaboration between the SEC and the PCAOB. Atkins noted the SEC’s recent approval of the PCAOB’s budget, which decreased 10% to $362 million, aided by compensation reductions for the Board and Chairman of 42% and 52%, respectively.
Chairman Atkins’ full prepared remarks before the House Financial Services Committee are available here, and his remarks before the Senate Banking Committee are available here.