Warren Calls on SEC Chair Atkins to Release Delayed 2025 Enforcement Data After Refusal to Confirm Enforcement Decline

Warren Calls on SEC Chair Atkins to Release Delayed 2025 Enforcement Data After Refusal to Confirm Enforcement Decline

"(Atkins) disputed public reports that enforcement actions have fallen dramatically over the past year - and promised that the SEC would 'release our numbers' regarding the agency's enforcement actions."

Text of Letter (PDF)

Washington, D.C. - Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Paul Atkins, Chairman of the Securities and Exchange Commission (SEC), pressing for the release of unreasonably delayed data on enforcement actions taken by the SEC in Fiscal Year 2025. In February 2026, Atkins appeared before the Senate Committee on Banking, Housing, and Urban Affairs and promised that the SEC would "release our numbers" regarding the agency's enforcement actions. Third-party analyses of public SEC actions reveal a steep decline in enforcement at the SEC in FY 2025 - prompting concerns about whether the SEC is doing its job as a cop on the beat protecting investors from getting cheated and defrauded. In her letter, Warren noted that the public is entitled to see whether the SEC data contradicts Atkins's statements to Congress.

"Enforcement actions by the SEC are a means of holding accountable companies and individuals that are willing to break the law - and deterring other illegal conduct. The SEC historically releases data regarding its enforcement actions in the past fiscal year - such as information on total actions, tips and complaints, and financial remedies - at the end of the same calendar year. Enforcement data for FY 2024, for example, was released in November 2024. But the SEC, under your leadership, has yet to release FY 2025 data," wrote the Ranking Member.

The Ranking Member continued: "At the hearing on February 12, I specifically asked you to confirm that 'the SEC has brought fewer new enforcement actions than at any point in the last decade.' In response, you stated that you were 'not sure what data (I was) looking at because we actually haven't released our data yet' and that you 'disagreed' with the premise of my question."

"After providing data on cuts to the SEC's enforcement division, Senator Reed asked, 'Will you commit to restoring the resources for the enforcement division and enforce the laws, not only to protect individual consumers, but the integrity of the markets?' In response, you stated, 'Well, I'm not sure where you get your stats, so I don't really agree with them.'" wrote the Ranking Member. "Senator Reed continued on to cite Cornerstone Research and the law firm of Paul Weiss; to which you replied, 'That's wrong.' But you stated to me, 'We will release our numbers.'"

The Senator calls on Paul Atkins to publicly release all aspects of SEC's FY25 enforcement data no later than March 15, 2026.

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