Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
Latest news on ETFs
Visit the ETF hub for more details and explore detailed data and comparison tools
House Democrats are urging Acting Securities and Exchange Commission Chairman Mark Weda to “protect” government efficiency or agency data and work from the DOGE Bureau.
The vast amount of data from SEC market participants will help ensure market integrity and prevent fraud, lawmakers noted. “Improper access to this sensitive information can have disastrous consequences for the stable functioning of the US capital market,” they wrote in a letter to Weeda.
The House of Maxine Waters, a ranking member for Doge, an initiative created by California Democrat President Donald Trump to reduce the number of government employees, and Brad Sherman, a member of the Capital Market Rankings. Financial Services Ranking Member and Subcommittee Elon Musk will use data from agents to make the most recent investment decisions made by exchanging mutual funds, money market funds and traded funds. You can do it.
Through the SEC, MUSK accesses private market data, including prior public offering filings, mergers and acquisition information, and private information on Form N-Port for use for personal benefits, water bodies, and water bodies. It can also be done. The Sherman wrote.
This article was previously published by Ignites, a title owned by the FT Group.
If people associated with DOGE use private transaction data in consolidated audit trails in this way, they will likely include loss of investor trust, market instability, and financial markets and individual collapse. It could lead to significant economic impacts: “Nest eggs” for retirees, a Democrat wrote.
The letters from members of the House also include a list of questions, including whether Doge contacted the SEC and, if so, whether the agency provided Doge access to the data.
Lawmakers also asked whether DOGE staff had communicated with the SEC about regulatory or enforcement issues related to Musk or Trump.
Additionally, they sought information on how Uyeda planned to protect SEC employees from potential personal retaliation by Musk.
A spokesman for the SEC said Uyeda will respond directly to lawmakers.
Members of Doge could not be reached for comment.
Doge posts information about SEC on its SEC website, including the average tenure, salary, and age of employees.
Workforce data comes from the U.S. Personnel Management Office as of March 2024, the site notes.
Doge.gov mapped 103 offices, departments, committees and branches of the agency, but SEC workforce data on departments, offices and branches was not immediately added to the website.
“This is Doge’s efforts to create a comprehensive government-wide organizational chart. This is a huge effort and there may be some errors and omissions. We will not be able to take the time to go through. We will continue to strive for maximum accuracy with the aim of our efforts,” the site said.
Musk, who runs Doge as a “special civil servant,” is the world’s wealthiest man, accessing sensitive Treasury payment data, closed institutions such as the Consumer Financial Protection Agency and International Development Agency. and cut other institutional budgets. Items without Congress’ consent.
The Democratic attorney general and non-governmental organizations have filed numerous lawsuits to stop many Trump and doge’s actions.
The government’s Accountability Office will investigate how DOGE accessed the Treasury payment system.
“(w)e does not doubt that the approach taken by Musk at other agencies will immediately knock on the SEC door,” writes Waters and Sherman. “
