NCLA Challenges SEC’s Power to Authorize Board Diversity Rules

The U.S. Securities and Exchange Commission (SEC) is receiving pushback over its recent approval of Nasdaq’s Board Diversity Rules, which require all companies listed on the exchange to not only publicly disclose board diversity statistics but also explain failures to meet new diversity requirements. NCLA has filed a Petition for Review in the U.S. Court of Appeals for the Third Circuit on behalf of the National Center for Public Policy Research. NCLA’s client, which owns shares in many Nasdaq companies, argues that SEC has no power to regulate in this field because the rules have nothing to do with fraud or honest markets.

The diversity rules fall outside of SEC’s regulatory authority under the 1934 Securities and Exchange Act, which empowered SEC to regulate securities to ensure honest markets and enforce federal laws that punish fraud. These longstanding laws are being misinterpreted today by SEC to allow the agency, working with Nasdaq, to impose a “meet quota, explain why, or get delisted” regime.

Katie Couric Covers Up Ginsburg Comments

Katie Couric revealed in her new book that she previously omitted portions of a quote from an interview that she did with Ruth Bader Ginsburg. Couric admitted that she did it to protect Ginsburg from public backlash by cutting out negative comments she made about people who kneel during the national anthem.

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