READER ALERT! CAN A SINGLE PERSON CONSTITUTE A “COMMISSION”? – AND DECLARE A QUORUM OF ONE?

“Here’s what Jim McRitchie has done” – and what we’d urge all of you to follow up on:

“Because the SEC didn’t open a comment period, I filed a petition for rulemaking under Rule 192 of the SEC’s Rules of Practice, asking the Commission to rescind the amendment, or at a minimum, suspend it and put it out for public comment. You can read it here: [Comment on Release No. 34-106537]. I also filed a copy in the Rule 14a-8 rescission file (S7-2026-32), because the quorum rule bears directly on who may adopt a final rule there.

“My petition also asks the SEC to:

• limit any single-member authority to ministerial or time-critical matters, excluding rulemaking, enforcement authorizations, and contested adjudications;
• define “otherwise disqualified” and publicly disclose every disqualification that produces a one- or two-member quorum; and
• defer final action on major rulemakings, including the Rule 14a-8 rescission, until the Commission has at least three members, including at least one not of the majority party.

“You can help:

1. Support the petition. Once the SEC posts it on its petitions page, file a comment. Until then, email your views to rule-comments@sec.gov, referencing Release No. 34-106537.
2. Raise it in the Rule 14a-8 file. If you’re commenting on the proposed rescission (S7-2026-32, due November 20), ask the SEC not to finalize it with fewer than three Commissioners.
3. Contact the Senate Banking Committee. Call (202) 224-7391 and tell them you support their call to fill the vacant seats, which both Republicans and Democrats supported in their letter of June 9, 2026.

“The SEC’s legitimacy rests on the deliberation Congress built into it. A Commission of one isn’t what Congress designed, and it isn’t what investors deserve.”