SEC Criticized by Musk and Ramaswamy After Court Ruling

The U.S. Securities and Exchange Commission (SEC) faced criticism from Elon Musk and Vivek Ramaswamy following a Fifth Circuit Ruling that concluded the agency’s approval of Nasdaq’s diversity quota policy unlawful. According to the court ruling, the agency overstepped its authority by endorsing a policy requiring corporate boards to meet identity-based diversity quotas or provide written justification for noncompliance.

Vivek Ramaswamy Criticizes the SEC

Vivek Ramaswamy, Head of Department of Government Efficiency (DOGE), responded to the decision on social media stating, “When an agency like the SEC is so repeatedly & thoroughly embarrassed in federal court for flouting the law, it loses its legitimacy as a law enforcement body.”

With this comment, the leader of the DOGE pointed out the fact that the agency has repeatedly lost court cases, and the agency has time and again overstepped it authority. Due to this, the agency has lost its credibility and legitimacy as a regulatory body, and its ability to efficiently enforce laws has been affected.

Elon Musk Supports Vivek Ramaswamy’s Criticism

Elon Musk, CEO of Tesla and head of Department of Government Efficiency (DOGE), reposted the tweet and commented “Absolutely” which indicates that he strongly believes that the agency indeed overstepped its authority and that he definitely agrees with the views of Vivek Ramaswamy.

Here Elon Musk and Vivek Ramaswamy are calling out for reforms arguing that the SEC should focus on its core mission of maintaining fair markets rather than pushing social agendas.

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